A commercial property specialist says Hull offers ‘untapped opportunities’ for businesses to invest and increase their productivity and profitability – by getting employees back together again in the city’s office space.
He says there has been a shift in the market following the hybrid working boom which followed then pandemic, with employers and employees alike once again recognising the many benefits of office working.
Paul White, director at Garness Jones, which is based in the city, says empty offices represent ‘wasted opportunities’ for businesses which could be benefitting from Hull’s UK-leading broadband speeds, and cost-efficient operating costs.
“Hull boasts the best internet speeds in the country due to its ultrafast full-fiber broadband network and 5G connectivity, yet this is something many overlook,” he said.
“The city’s economy has boomed in recent years due to the growing digital technologies and renewable energy sectors, and the city centre has benefitted from many new residential developments, with much investment planned in future years. The city is regenerating and changing.
“Added to this, Hull has good connections with other cities such as Leeds, Sheffield, Manchester and London by rail, so there is nothing to stop companies having large office based facilities in Hull, where they will benefit from that brilliant connectivity, and from lower wage and rental costs.
“At present it is a city of untapped and wasted opportunities. It offers so much potential for so many businesses.”
Hugely successful businesses based in city
Mr White cites the stock-market listed data, analytics and insights company GlobalData, as an example.
The company, which has its head office in London, has two floors of space in a large city centre office complex in Hull for its financial department.
Call centre specialists ResQ have also continued to enjoy success and growth by basing their business in the city, providing services to the likes of Vodafone and British Gas. It has a huge amount of office space in the city, across two separate sites, employing thousands of people.
Despite its growth, Mr White points out that Hull also remains one of the most affordable places to live in the UK too.
“These are businesses which recognise, and benefit from, having key departments working from offices in Hull. They are great examples of how office in Hull can be utilized to create motivated, engaged workforces who inspire one another and bring major benefits to their employers,” he said.
Market swings as workers returning to the office
A recent survey of more than 2,000 UK office workers and 500 business leaders showed that wellbeing has overtaken costs and convenience as the top consideration for managers when looking at potential new offices.
And it showed employees are placing greater importance on spaces that boost comfort and productivity, with fresh air and quiet zones now sought after – as well as workers having their own desk and not one shared with others.
Mr White says that, as commercial property agents, his team has seen the market start to swing again, with office demand increasing, and says his own business has felt the benefit of committing to time in quality office space too.
“We took the decision to invest in new offices, in a better location in the city, in 2022, and it has brought huge benefits to our business, even at a time when people were saying the office market would die,” he said.
“We find our staff want to be in the office and want to have that interaction with their colleagues. We’ve also been able to attract more employees to the company, and retain staff better than ever.
“Whilst many businesses now have far fewer people in their offices, they are still paying the same rental costs to have large empty spaces, and they have staff working at home with lower quality facilities and slower internet connections and download speeds. It doesn’t make sense.
“A couple of years ago, when the pandemic died down, we were told we could all return to normal, but in terms of the working world a new normal had emerged through the development of working in the comfort of our homes.
“Whilst that has proved popular with many, most businesses, over time, have increasingly come to the conclusion that it isn’t good for team morale and togetherness, the training and development of new staff and young employers, and productivity and ideas can also stagnate.
“The market is changing. Look at Amazon, who recently said they were ending their hybrid working policy and bringing staff back in to the office five days a week to help staff collaborate more and be better connected to each other.
“For many people, being left to work alone is not good for their mental health either. I think the tide has turned.”