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There are signs that the heady prices of London’s commercial property market are starting – or some would argue, continuing – to take their toll on young start-up businesses who simply don’t have the capital to set up in the capital.
For many technology start-ups London is the obvious, often necessary, choice. It gives them the financial backing, the market, the clients, and the infrastructure to get their business off the ground and build it up. London is also the first choice for many international businesses opening branches in the UK, for the same reasons.
However, for smaller, more experimental or niche companies, a London base can prove an obstacle rather than an advantage. For this reason many young companies are choosing not only the outskirts of the capital, but also much further afield. As well as the availability of cheaper premises and all-round reduced cost-of-living expenses, there is the added benefit of the proactive local council infrastructure. Local authorities and enterprise organisations are grasping the opportunity to lure people to their areas. There are cash grants available in some places for those wishing to relocate from London – grants often of significant value – as well as practical help and advice as to beginning and running a business. In such places it is easier to target specific networking groups, and to become part of a smaller, defined business community.
The East Midlands is one of the places benefitting from this migration out of the capital, with cities such as Northampton offering not only help and value, but specific aspects that characterise the region – in this case, Silverstone and shoe manufacturing, both part of the history of the area. The more a city can capitalise on its niche areas, the more companies can work together within that niche and attract other companies, suppliers clients and business. Regions that are a short or reasonable commute from London can, in many cases, offer the best of both worlds.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.