North East
Centre Square Reflections – Helping Occupiers Meet Today’s Challenges
A CGI showing the next phase of the Centre Square development - 6 Centre Square
The third building in Middlesbrough’s showpiece Centre Square office development is well on its way to completion. The project was launched six years ago by Ashall Projects whose managing director Mark Ashall Projects has shared his reflections with Commercial Property Monthly.
Mark, it is fair to say that businesses have faced a variety of challenges in recent years.
MA: Ours certainly has. During the last three years COVID has led to a substantial change in working practices and norms. Staff have been asked to work from home for extended periods and many companies are still wrestling with the right mix between working from home and the office.
The war in Ukraine has now led to sharp increases in energy prices, with the price of electricity charged to businesses currently four or five times last year’s level. While the recently announced government support is welcome and the cost is expected to fall a little next summer, it is believed prices will still remain high for some considerable time.
At the same time the impact of climate change is becoming increasingly apparent and many businesses and people are taking steps to reduce their carbon footprint. This process is also being driven by the UK Government which is seeking to introduce higher standards for the energy efficiency of commercial buildings. By 2027 they’ll have to achieve an Energy Performance Certificate (EPC) C rating. Three years later a grade B will be required. Our Centre Square buildings are all rated EPC A so they would not be affected by these changes.
What are the implications of all these factors on Centre Square?
MA: Selecting the right office is obviously a major decision for a business, which often focusses on the financial implications of the length of lease, rent, fit out and running costs. However, what is not always recognised is that the property-related expenditure generally represents just 5-10% of a company’s total operating cost. The vast majority of these costs are salaries and other employment costs such as NI and pensions.
The focus instead should be on what needs to be done to attract, retain and motivate staff and thus minimise the cost of recruitment, training and the loss of productivity that occurs as new employees get up to speed.
A new landmark on Middlesbrough’s skyline - 6 Centre Square 50
Providing staff with a high-quality workplace is part of the solution. At Centre Square we offer a combination of 3m floor to ceiling heights and full-height glazing, an abundance of natural light and excellent ventilation and temperature control. This provides staff with a great working environment and in turn makes them feel positive about going to work, enabling companies to see the full benefits of collaborative working which is best achieved in the workplace.
COMMERCIAL PROPERTY MONTHLY 2022
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