Business News Round Up (28/10/2024)
Glasgow offices investment already ahead off last year
Investment in Glasgow offices has already exceeded last year’s total, as the city’s commercial property market continued its recovery from the sharp rise in interest rates between 2022 and 2023, according to Knight Frank. The research found that £198 million has been invested in the city’s office assets in the year to date, up 46% on last year’s £136m and ahead of the five-year average of £195m. Knight Frank has acted on £128 million-worth of office deals in Glasgow this year – 65% of the total volume for the year so far. There have been 14 major transactions so far, up on last year’s 11. By the end of the first half of 2024 £100m of offices deals had been concluded compared to £66m the year before, as momentum increased during Q2. Glasgow had the strongest second quarter of the 10 UK cities tracked in the report, at £77m of deals.
North West business confidence dips in October but remains above UK average
Business confidence in the North West fell by two points during October to 53%, according to the latest Business Barometer from Lloyds. Companies in the region reported higher confidence in their own business prospects month-on-month, up eight points at 66%. When taken alongside their optimism in the economy, down 11 points to 40%, this gives a headline confidence reading of 53% (vs. 55% in September). Looking ahead to the next six months, North West businesses identified their top target areas for growth as evolving their offering, for example by introducing new products or services (42%), investing in their team, for example by investing in training (39%) and entering new markets (33%). A net balance of 47% of businesses in the region also expect to increase staff levels over the next year, up six points on September.
Scottish business confidence dips, although more firms look to hire
Business confidence in Scotland dipped by four points during October to 44%, according to the latest Business Barometer from Bank of Scotland. Companies in Scotland reported lower confidence in their own business prospects month-on-month, down two points at 45%. When taken alongside their optimism in the economy, down six points to 43%, this gives a headline confidence reading of 44% – vs 48% in September. Looking ahead to the next six months, Scottish businesses identified their top target areas for growth as investing in their team, for example through training (43%), entering new markets (36%) and evolving their offering, for example by introducing new products or services (35%). A net balance of 49% of businesses in Scotland also expect to increase staff levels over the next year; up 23 points on last month. Overall, UK business confidence dipped slightly in October to 44% – down three points from September’s 47%.
https://www.insider.co.uk/news/scottish-business-confidence-dips-although-33970828
Green tech adoption driven by high energy bills
High energy bills were cited as the main reason UK adults were switching to green technology. In the green tech takeover, saving money appears to be the main motivation among UK consumers switching to green technology, rather than environmental concerns. This is according to Eco Expert’s 2024 National Home Energy Survey, which asked 2,184 UK adults about their motivations for adopting sustainable technology. According to the research, the UK population is making more green tech purchases, with solar panel purchases having risen by 13% year-on-year, while heat pump purchases rose by 5%. Respondents were more likely to purchase green tech due to their own financial worries rather than for environmental concerns. Energy bill saving was the number one reason, cited by 51% of all adults. In contrast, just 15% of adults purchase green tech because of concern for the environment, while 18% have done so due to government incentives.
https://www.digit.fyi/green-tech-adoption-driven-by-high-energy-bills