Burges Salmon’s real estate team has sponsored a research project commissioned by the British Council for Offices (BCO) entitled ‘The Future of Corporate Headquarters: Is London's Dominance Waning?’.
The research examines the drivers for HQ location, London’s position as the dominant city in the UK for HQs and how that might change and what the HQ of the future might look like.
The UK is undergoing a fourth industrial revolution, with technology a key driving force in forcing companies to reassess how they do business, which will ultimately impact on the way in which they occupy buildings and spaces. The UK is also experiencing a trend for urbanisation, changing demographics and a war for talent that is disrupting the way companies operate. New work patterns are challenging the accepted wisdom around office space, with a view that the future role of the headquarters will be much more about creating a community hub designed to draw people in.
London is a leading global city and is increasingly seen as being in a league of its own in the UK. Its dominance is unrivalled but the city faces a number of challenges as well as opportunities. Most obviously operating costs in the capital relative to other parts of the UK, and wider afield, are escalating while, in the light of increasing population and employment growth, its infrastructure is stretched to capacity, all of which is adding to the pressure of doing business in the capital.
This research project focuses on how these differing factors are likely to impact on the way that companies work and how they may influence future business models.
Richard Clark, head of the firm’s real estate sector group, comments: “We were very pleased to support the BCO with this research project as it addresses some of the most important issues for the UK’s HQ office landscape including office stock, distribution of employment, infrastructure issues, planning policy and future development.”
The full research report was launched at Burges Salmon’s London office New Street Square on Thursday 2 March. Join the conversation across social media about the future of the corporate HQ at #futureHQ.