On the run-up to Brexit in 2021, our research revealed that around 70% of business owners had no strategic business plan to cope with the changes. They also said there wasn’t enough information in their sector to make an informed decision around strategy, but with 25% on the lookout for new opportunities in the UK, and 15% focused on expanding into EU countries, which locations are set to thrive in the next few years?
Top Five Cities for Employment Growth
Research shows employment is set to grow 1% across UK cities each year until 2023, with Manchester and Reading both becoming notable fast-growing locations, at 2.2% GVA.
- Manchester – 2.2%
- Reading – 2.2%
- Nottingham – 2.1%
- Bristol – 2%
- Cambridge – 2%
While businesses have traditionally clustered in London in the past, trends have shown more companies moving to second-tier cities searching for talent, reduced costs and more space. With almost half the workforce having worked from home at some point during the pandemic, businesses are also searching for more flexibility and office space in diverse locations, as opposed to one large HQ that all employees commute to.
One of the significant advantages of these outer cities is the availability of office space, and before the pandemic, there was explosive growth across UK regions. Research by Instant shows that despite challenges posed by the pandemic, demand for office space has grown in smaller, regional markets and city outskirts. Some towns also saw demand growth of over 100% in 2020 compared to 2019.
View: flexible office space in Manchester, Reading, Nottingham, Bristol, Cambridge
Top Brexit Cities Outside the UK
Measuring factors such as corporation tax, number of coworking spaces, exporting costs and more, Startups researched the top European cities for startups to launch after Brexit. The top three include:
- Budapest: the Hungarian capital ranks first for faster exports and a smaller time difference to the UK and access to office space and lower living costs.
- Prague: The Czech Republic’s capital ranks second for its free exports, short flight times to and from the UK, and low living costs.
- Lisbon: Portugal’s largest city is highly recommended for business post-Brexit due to its abundance of co-working spaces, zero time difference and fast export infrastructure.
View: flexible office space in Budapest, Prague and Lisbon
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