South East Leads the UK’s Regional Recovery

South East Leads the UK’s Regional Recovery

London and the South East are set to record the country’s fastest annual improvement in economic performance over the next three years.

That’s according to EY’s latest Regional Economic Forecast, measured by Gross Value Added (GVA). It shows that London will grow 3.1% per year between now and 2025, and the South East will grow 2.9%. Both are ahead of the UK average of 2.8%.

A diverse mix of sectors will drive long-term recovery, according to the report, and this is particularly evident in London and the South East.

Flexibility Powers Business Growth and Recovery

This is positive news for businesses operating in these regions, especially given the abundance of support available for local businesses.

One such channel of support comes from UBC, which has 3 locations across London and the South East each offering flexible office space and growth support services.

At UBC we host in excess of 100 small and medium-sized firms across these 3 centres, located at Brentford, Southampton and Fleet, and many more have taken up flexible workspace with us since the pandemic started.

Why does flexibility matter?

Richard Baker, Managing Partner at EY in the South East, noted in the report: “Greater workplace flexibility and the switch by many businesses to hybrid working could help open up more opportunities.”

One opportunity lies in attracting and retaining talent. Companies that offer flexible work attract people living locally as well as those further afield. It means companies can potentially employ people that live beyond the traditional daily commute, enabling them to bring in people with the best skills rather than those who live the closest.

Hybrid work also offers a more cost-effective way of working with less reliance on fixed office space. Over time this enables companies to reduce costly square footage, and means employees spend less by reducing daily commutes.

However, companies offering hybrid work need a workspace that can accommodate the ebb and flow of people who use the workplace at different times, and this is where flexible workspace agreements are proving their worth.

Not only that, companies also need workplace flexibility to help them adjust to the ever-changing business climate. For example:

  • Startups recognize that they need a professional base but don’t want to commit to long-term or expensive office leases.
  • Independent professionals and solopreneurs need to get out of their home office to escape distractions and/or to network and build business connections.
  • Growing firms that are accommodating hybrid work are utilising serviced office space to enable staff to work near home, on a flexible basis.

In all scenarios, flexible workspace gives business leaders the opportunity to take up workspace without the stifling commitment of 5 or 10-year leases, providing the option to upsize or ‘right-size’ their workspace as needed.

At UBC, our centres also have onsite coworking space with day passes, enabling clients to utilise overflow space on days when more people use the office than normal. It also allows local home-based entrepreneurs to buy access to coworking on a simple credit system and drop-in as needed.

We’ve recently introduced this coworking credit system across all of our centres, to accommodate the increasing shift to hybrid work.

We believe that flexibility powers business growth. As the UK and its regions bounce back from the impact of Covid-19, flexibility in all forms - particularly when it comes to ways of working - is essential to help businesses build financial security, create jobs, and strengthen local economies.

Interested in flexible office space in Southampton, Fleet or West London? Take a closer look at UBC’s supportive business environments in these regions at ubcuk.com.

For companies based further north, we have flexible office space in Cirencester, Solihull, Henley-in-Arden, Warrington, and The Wirral. Get in touch with our team for a tour or come and try the space for yourself with a coworking day pass.