Finance Businesses Achieve Massive Cost Savings by Moving East – to Essex

Extending eastwards from the City, the London-Essex UK Finance Corridor combines fast, easy access to London’s finance hub, a large, high-quality local workforce and massive savings on office rental costs.

 

 

Based on the latest data from Colliers, here’s a summary of the property cost savings financial and professional services business can achieve by moving east, to Essex:

Estimates of achievable open market rents for prime office space, assuming normal incentives.

Source: Colliers, June 2015 [1] [2] [3] [4]

Office rental cost savings

Massive Cost Savings and Stable Rents…

Those are big disparities, but what do they mean in real-world numbers? In summary, they can mean millions of pounds saved by financial and professional services businesses every year:

Annual rental cost savings

And the disparities are growing. The same data [1] shows that City of London office rental costs have risen rapidly in the year to June 2015, putting further pressure on costs for finance sector businesses. Meanwhile, property costs have remained stable in Essex:

Prime office rents:year on year change

Leading finance sector businesses including Liverpool Victoria, RSA, Cofunds, First Data and International Financial Data Services (IFDS) have chosen Essex for their operations, to benefit from major cost savings without compromising on London connectivity. Contact the Invest Essex team to find out how your business could benefit.

FIND OUT MORE

Contact INVEST Essex to find out more about the advantages of the London-Essex UK Finance Corridor for your business.

Sources:

[1] Colliers, June 2015
[2] ‘Essex’ is average of Brentwood, Basildon, Chelmsford, Colchester
[3] ‘Central London’ is average of West End, Midtown, Farringdon, Waterloo/Vauxhall, Southbank, City, Canary Wharf, Docklands.
[4] UK Core Cities is average of Birmingham, Bristol, Cardiff, Glasgow, Leeds, Liverpool, Manchester, Newcastle, Nottingham, Sheffield.

Corinne Hearne
Corinne Hearne

Inward Investment Manager (London-Essex UK Finance Corridor)

+44 (0) 7702 900667

Biography

With over 25 years’ experience in the Financial Services and Global Relocation industries, Corinne has developed an extensive, specialist, commercial network and has successfully supported projects focused on the strategic development and growth of both overseas and UK companies in business, professional and financial services sectors.