Hull has been named the 4th cheapest city in the UK for office space, behind Stoke-on-Trent, Bedford and Peterborough according to a report by Colliers and study by Kit Out My Office on office rental prices throughout the UK.
The report looked at the cost of leasing office space of 10,000 square foot on a 10-year rental agreement in all major UK cities. On average, the cost per square foot in Hull was £12.00. In comparison, office space in Manchester, which is most expensive city outside of London, costs an average of £29.75 per sq. ft., which is a staggering £17.75 more.
Hull is currently celebrating being the winner of UK City of Culture for 2017 and the city is working with a range of artists, businesses and organisations to celebrate the culture of the city and its place in the wider cultural offer of the North of England.
Nestled alongside the Humber estuary, Hull is known for being one of the busiest port cities in Europe, offering an excellent opportunity for businesses that import and export. Furthermore, the city offers excellent transport links and offers competitively discounted business rates and grants, such as the Humber’s Regional Growth Fund, to attract businesses of all sizes.
The top five cheapest cities in the UK for office space (average price per sq. ft.) –
- Stoke-on-Trent (£10.25 per sq. ft)
- Bradford (£10.75)
- Peterborough (£11.75)
- Hull (£12.00)
- Durham (£12.25)
A £400m Northern Powerhouse Investment Fund (NPIF) was recently announced by the Humber Local Enterprise Partnership and nine other LEPs across the North. The fund is aimed at encouraging regional economic growth by offering businesses between £10,000 and £750,000 to grow.
Graham Cross, Humber LEP board Member had this to say about the investment: “We have collaborated with LEPs across the north to bring about this significant investment opportunity for businesses of all sizes in the Humber. “We want to make sure that businesses with growth aspirations can access the finance they need, and NPIF is one way we are doing that. I would encourage businesses to have a look at the fund to see if it could work for them, and speak to our Growth Hub for any support they may require to access it.”
Gareth Jones, Commercial Manager at Kit Out My Office, a provider of office furniture online, had this to say about the news and investing outside of London: “we have worked with a number of businesses that have relocated or started a business in Hull. There are many grants and incentives for start-ups that makes it an ideal place to locate your business.”
