Scotland The Scottish Highlands: A Leading Light for the UK Economy


The Highlands is fast becoming a hub of emerging industries which want to make the most of the unique and vast geography available, such as space, with work on Sutherland Spaceport beginning in April 2023, and huge interest in green data centres.


Added to this, there are opportunities continuing to grow within tourism, hospitality, and creative industries, particularly on the back of the £30 million Inverness Castle Experience due to open in 2025. In fact, in 2023, the Highlands had 8.4 million visitors, with an economic impact of over £2 billion.


Cromarty Firth. Picture courtesy of Global Energy Group


Over recent years, the Scottish Highlands has come into its own. The tourism and hospitality industries put the region on the map with year-on-year growth for nearly two decades. Now, the recently designated Inverness and Cromarty Firth Green Freeport by UK and Scottish governments confirms the region as a driving force for the UK economy and contributing to the energy transition.


The region has a bright future for those who wish to invest in it and who wish to call it home. Supporting a high quality of life in the region are the many opportunities in a variety of sectors, with recent inward investment attracting new talent as well as providing job opportunities for locals and those who wish to return to the area.


The Green Freeport is the most transformative project in the Highlands for decades and is the result of collaboration with over 30 regional and national businesses, public sector organisations and academic bodies. It will maximise local and Scotland-wide benefits from a pipeline of renewable energy projects, placing the Highlands at the heart of the drive towards net-zero and creating up to 10,250 jobs locally and a total of 16,500 across the UK.


Sumitomo Electric is first in line and is investing £350 million into a high voltage cable manufacturing facility to be built at the Port of Nigg in the Cromarty Firth. This will stimulate significant economic activity across industry supply chains at regional, Scotland and UK levels.


Inverness was noted as a “rising star” in Colliers’ UK Hotels Market Index 2024, taking third place, spurred on by the increasingly strong appeal of Scottish destinations to visitors and solid performance metrics, and favourable build and land costs. These opportunities come with knock-on benefits for the entire region. There has been a lift for commercial property such as the expansion of business parks including Wick Business Park with its newly built commercial and industrial units.


The surge in economic activity in the region has led to unprecedented levels of housing demand. Around 1,200 new homes are being built across the region each year and forecasts show the market needs to double in size to accommodate growth.


The Highland capital of Inverness was recently named Scotland’s happiest city based on new data from the Office for National Statistics’ personal well- being survey. Among the reasons noted for the region’s appeal are its rich cultural heritage and history, natural beauty and tranquil lifestyle, outdoor recreational opportunities, sense of community, access to amenities, and quality of life. In fact, the Highlands was recently named sixth best overall in the small regions category of ‘European Cities and Regions of the Future 2024’ by fDi Intelligence (part of the Financial Times).


With huge potential for growth, emerging industries and diverse opportunities, combined with a desirable lifestyle and cultural heritage, the Highlands really does punch above its weight as a leading light for the UK economy now and for the future.


To discover the vast and many opportunities waiting to be discovered in the Highlands, visit investhighland.com.


Building a Brighter Future in the Scottish Highlands By The Highland Council Leader, Councillor Raymond Bremner


“In my opinion, few regions can boast as many opportunities in so many sectors over such a large geographic area as the Scottish Highlands.


“Already a leader in renewable energy, and now with Green Freeport status, our region’s economy is set to transform, further boosting the sustainable growth of more established sectors such as hospitality.


Councillor Raymond Bremner is Leader of The Highland Council


A green energy powerhouse for Europe “We already generate more renewable energy than any other region in the UK – and it’s increasing all the time. We are already a leading provider of clean


energy from on and offshore wind farms. With 5,000km of coastline, there are also opportunities for tidal energy and wave generation. The abundance of deep lochs has resulted in successful developments in hydropower including Loch Shin in Sutherland as well as the recent award- winning Hydro Ness project in Inverness.


We have the potential to generate a third of Europe’s energy – if unlocked, this can deliver huge benefit for the UK.“


Green Freeport


“The Inverness and Cromarty Firth Green Freeport will become a global hub for trade, investment and innovation, attracting over £3 billion investment in green energy projects. Here, 520 hectares of prime development land is available with


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many benefits, including £547 million of Retained Business Rates for reinvestment. “With major customs, tax incentives, planning and infrastructure, it will become one of Europe’s largest heavy maritime engineering hubs and is at the centre of global hydrogen production, storage and distribution.


Hospitality


Speaking on the tourism sector, Chair of The Highland Council’s Economy and Infrastructure Committee, Councillor Ken Gowans says, “Our renowned and growing food and drink market, coupled with our Highland welcome which is famous the world over, attracts millions of visitors each year.”


“With flagship projects such as the £30 million investment into the Inverness Castle Experience, due to open in 2025, we can look forward to a further boost to tourism and hospitality across the Highlands.” Residential development


Cllr Bremner adds, “We are also on the cusp of another house building boom – not seen in decades - to accommodate the people staying and moving here, spurred on by the growing economy, high-quality jobs and quality of life on offer.”


“I firmly believe there is a bright future ahead for those who wish to call the Highlands their home.”


Interested in finding out more about our fantastic region? Visit investhighland.com and contact the team.


COMMERCIAL PROPERTY MONTHLY 2024


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