Yorkshire becoming hotspot for creative industries
Yorkshire has a growing reputation as a ‘destination of choice’ for the creative sector which is supporting demand for office space, according to a new survey.
Knight Frank’s Yorkshire Office Market Review 2017 revealed that last year, firms from the Technology, Media and Telecoms (TMT) sector based in the region contributed close to £4bn to the UK economy.
The influx of digital firms to Yorkshire now supports approximately 60,000 jobs, with the number of TMT firms in Leeds and Sheffield specifically rising by almost one third in the past five years alone.
Eamon Fox, partner with Knight Frank in Leeds and leader of the office agency team, commented: “From a property market perspective, the rise of the TMT sector is supporting demand for office space. In Sheffield and Leeds, TMT firms account for 20% – 25% of space let between January 2016 and March 2017. Well-known brands such as SkyBet, WANdisco, Rockstar Gaming and Plusnet all have offices in either Leeds or Sheffield.
“However, the smaller, fast growth companies have been most active with 27% of TMT deals across the two major cities below 5,000 sq ft.
“Furthermore, the tech umbrella is broadening. Organisations whose principal business is not within the technology realm are taking space to support a growing digital arm. The emergence of ‘digital transformation teams’ is increasing aimed at aligning companies from traditional banking to the public sector with the digital age.”
Fox added: “Global and national firms such as Asda Walmart, DLA Piper, Lloyds, BAE Systems and the NHS all have technology operations within the region. With both primary and secondary technology streams growing, office demand to support digitally-based activities will continue to rise in tandem.”
