Business News Round Up (05/09/2022)
Pandemic sees ‘flight to quality’ in office market
More than half of the office space transacted in Edinburgh city centre during the Covid-19 pandemic has been Grade A as the effects of the pandemic and employee benefits drive a “flight to quality”. Property consultancy Knight Frank found that 56% of the office space let since November 2020 – when it was announced the first vaccine had been developed – was in the highest ranked category, compared to 21% Grade B and 23% Grade C. Knight Frank said that the figures backed up the view that occupiers were looking for best space available – to support corporate social responsibility aims and retain and attract talent. Technology, media, and telecommunications (TMT) companies accounted for nearly a quarter of take-up in Edinburgh during that time, followed by the finance and professional services sectors which accounted for 12% and 11% of take-up respectively. The findings follow recent research from Knight Frank that highlighted the fact that all the new-build space set to complete in the Scottish capital during the next two years has already been pre-let. However, Knight Frank also said that more than 230,000 sq. ft. of major refurbishment projects are set to be completed over the next two to three years and smaller occupiers are increasingly looking for flexibility in lease terms.
FinTech Scotland celebrates new Cluster Excellence accreditation
FinTech Scotland has achieved a new level of Cluster Excellence accreditation, the highest level achieved by a fintech body in UK and Europe. The European Secretariat for Cluster Accreditation (ESCA) confirmed the excellence award for FinTech Scotland following an in-depth audit of the organisation’s progress and delivery record. FinTech Scotland is an independent not for profit cluster body jointly established with the financial services sector, universities, and Scottish Enterprise in January 2018. ESCA highlighted several significant improvements by FinTech Scotland to achieve its silver label for Cluster Management Excellence. These include supporting the growth in the number of fintech SMEs by 22 per cent year on year; Leadership of increased cluster collaboration between fintech SMEs, large enterprises, universities, public sector bodies throughout the UK; Producing UK’s first industry led 10-year Fintech Research & Innovation Roadmap.
UK businesses must bring employees up to speed on digital technologies
New and evolving digital technologies are constantly altering our approach to work and how businesses conduct their operations, but never before has their disruptive potential been so apparent than in the wake of the pandemic. Perhaps unsurprisingly, tech and digital economic developments have come to the forefront of central and local government agendas of late. For example, during London Tech Week, the government pledged a combined £743.5m across a variety of innovative projects. However, this spotlight on emerging tech and its key role in facilitating hybrid working practices has also highlighted the UK’s growing digital skills gap. According to Salesforce’s Global Digital Skills Index, over three-quarters of the global workforce does not feel ready to operate in a digital-first world. Worryingly, this rises to 80% in the UK, with 45% stating they feel overwhelmed by the rate of technological change. A prime example of this is the need to boost digital support skills, which focuses on using tools such as Microsoft Teams or customer relationship management (CRM) software.
Scottish food and drink firms set sights on Asia
A selection of Scotland’s premium food and drink produce will be on display at one of the world’s biggest trade events which kicks off today in Singapore. Scottish Development International (SDI), the international arm of Scottish Enterprise, will lead a delegation of 13 companies at Food & Hotel Asia (FHA), the continent’s largest food and drink trade event. Approximately 35,000 attendees from more than 50 countries and regions across the world are expected to attend the event, which should provide the Scottish firms in attendance with valuable access to distributors, importers, manufacturers, and retailers. SDI will host the Scottish producers, ranging from whisky distillers and craft brewers to plant-based snack manufacturers and soft fruit growers, on the Scotland pavilion at FHA, which runs until Thursday. It will also co-host a networking reception for buyers at the British High Commissioner’s Residence tomorrow evening. Neil McInnes, head of southeast Asia and Asia Pacific lead for consumer industries at SDI, said: “Scotland is renowned overseas as a land of food and drink, particularly here in the Asia Pacific region. This is the first major trade show in Asia that Scottish companies will have travelled out to post-Covid, as we look to support companies to re-engage with customers and support their continued recovery, post-pandemic by helping them to target new markets in Asia Pacific.”
https://www.insider.co.uk/news/scottish-food-drink-firms-set-27893539