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The North East must see its economic recovery as a commercial opportunity

October 28, 2020

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Developing Consensus is calling for the region to focus on presenting itself on a national and global scale as businesses look to relocate following Covid.

Over the last few months, people have embraced digital technology with 96.3%[1] of UK workers surveyed revealing that they had up to four virtual meetings a day throughout the pandemic.

This shift has allowed occupiers to rethink not only their office spaces, but also their office locations.

Charlie Hoult, Managing Director of HyHubs and member of the Regional Vision Steering Group at Developing Consensus, said: “The North East is extremely resilient. There’s not an oversupply of office space, our prices are reasonable, there’s a higher quality of life for workers and we have five leading-edge universities supplying an incredible talent pool.

“Before Covid hit, it’s important to remember that we had record figures of employment across the region and were making excellent progress. It’s now time for our key organisations, including local authorities, to lead the recovery from the top and create a joint narrative to put forward our region as an attractive base.”

In a recent survey, 34%[2] of Brits revealed that they wanted to live somewhere with more space and only 20%[2] of those who live in London, saw it as a location where they would want to live for the rest of their lives.

Charlie added: “Newcastle in particular is known for its focus on professional services, but there are so many emerging and innovative industries that have already been attracted to the region. We have medical, tech, fintech, science and we should also be seen as a key area for government and civil service relocations.

“Covid has proved to us that the technology works, it’s now time for us to work together and attract these global players to the region.

“In my opinion, it’s easier to attract international businesses as they look at the hard facts; they focus on our office rates, talent pool, our excellent transport links and the fact you can be in London in less than three hours. The benefits of locating a business here, even post-brexit, are unignorable.”

Developing Consensus is working closely with its members, to ensure key challenges within the property and development industry are being addressed and that public and private sectors are working together towards the region’s economic recovery.

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