Business News Round Up (20/11/2020)
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Edinburgh the only UK city to see 2020 office take-up increase on 2019 with office investment also up
ACCORDING to the latest research from Savills, take-up in Edinburgh city centre in the first three quarters of 2020 totalled 395,585 sq ft. This was almost 30% up on the same period last year, albeit take up has been fundamentally underpinned by the 280,000 sq ft pre-let at M&G’s Haymarket that completed in Q3. As a result, despite the number of deals recorded in Edinburgh in 2020 (Q1-Q3) being less than half that of 2019, Edinburgh is the only UK regional office market that has seen take-up in Q1-Q3 2020 exceed that of 2019. Savills says that between Q1-Q3 2020 the Insurance and Financial Services sector accounted for over 75% of Edinburgh’s office take-up with other notable deals including: Cadence taking 8,500 sq ft of Grade A space at 40 Princess Street; Forecast Financial committing to 4,300 sq ft at Nova House; and Handelsbanken signing on 3,600 sq ft at Waverly Gate.
Recovery Tracker Survey shows further deterioration in economic activity across Greater Manchester
The results of Greater Manchester Chamber of Commerce’s seventh GM COVID-19 Recovery Tracker show a further deterioration in economic activity. The recent imposition of the second national lockdown following a period of Tier 3 restrictions in Greater Manchester has lowered demand levels and undermined business confidence. The latest survey, covering the period October 26th – November 13th, found that customer demand, both domestic and international, are now at levels similar to those recorded in June 2020, a considerable worsening compared to the levels recorded in September. In the latest survey, the balances relating to domestic sales and advance orders stood near -35, the lowest in over four months. Likewise, sales to and advance orders from overseas customers have also declined to their lowest levels since the publication of the second quarter’s Economic Survey results in June.
Nearly a third of ‘global talent visa’ applicants in Scotland are tech founders, research shows
A new report has shown that almost a third of people arriving in Scotland under a government ‘global talent’ visa scheme are tech founders. According to research by Tech Nation, 31% of people applying for the UK Government’s Global Talent visa – and moving to Scotland – are tech sector leaders, compared to 28% across the UK as a whole. Since November 2018, the Global Talent Visa has received 1,975 applications and endorsed 920 visas from over 50 countries worldwide; the encouraging findings demonstrate that Scotland has proved to be a popular destination for tech founders – based on the perceived value of its digital technology ‘ecosystem’.
North West to benefit from FDI manufacturing shift – EY
A shift in foreign investor priorities has seen the attractiveness of the UK as a location for investment into manufacturing – a major sector for the North West – rise against a backdrop of COVID-19 uncertainty, according to a new report. EY’s latest UK Attractiveness Survey shows that as well as 32% of manufacturers looking to restore activity to the country, another 32% from the sector say they intend to invest in the UK over the next 12 months. The investment is being driven by major changes in supply chain strategies, which have “become more pressing” as a result of the pandemic. 66% of all respondents – and 98% of manufacturing respondents – say they plan to remodel their supply chains in the future.
https://www.insidermedia.com/news/north-west/north-west-to-benefit-from-fdi-manufacturing-shift-ey