Partner Article

A guide on selecting office space from Adrian Hill, director of Highbridge

Q1. Location – what to look for?

When assessing location, access to workforce is a key factor. With 1.1 million people in the Tyne & Wear conurbation and excellent transport links, the North East is a destination of choice for many national and international companies and public sector organisations.

Independent research carried out by East West Locations, one of the UK’s leading location consultancies, ranked Cobalt in North Tyneside in the top five per cent of business parks nationally for its recruitment catchment, which reaches out far greater than any other business park in the North East.

The Tyneside catchment has a relatively young workforce profile with a higher proportion of people in the 20-30 and 30-40 years-old age groups than there are nationally. Its catchment area also has one of the largest graduate recruitment pools in the country – because of its location and developed transport links, the office park is connected to the wider graduate market of around 120,000 qualified people.

Another key issue to consider is transport links to your office site. With a network of over 1,000 buses passing through or within walking distance of the park daily, Cobalt is one of the best connected office parks in the UK. Northumberland Park Metro station is also within walking distance.

Also available to staff are travel incentives such as reduced price tickets, free travel planning and advice as well as the option to borrow bicycles on site.

Q2. What about cost?

When reviewing costs, it is important to consider staff and running costs in addition to occupancy costs in your research.

Cobalt offers some of the best financial terms in the UK with complete flexibility in deals and high, market leading incentives. East West Locations highlighted the significant employment cost savings that companies can make by locating to Cobalt, when compared with other UK locations. The majority of clerical and administrative staff in the catchment are available on salaries 10 per cent lower than national levels. Those with part or fully qualified professional positions are available in large numbers on salary levels 5-10 per cent lower than national averages.

Thanks to the innovative design and fabrics used for the new buildings in Cobalt south, energy costs are expected to be 50 per cent lower than those of an equivalent sized commercial office. This means that potential occupiers could save around £43,000 per year in energy bills or around £500,000 over 10 years.

Q3. What else makes a good office location?

One factor that your staff will thank you for is good amenities near to the office. Ask yourself – can staff and visitors access shops, restaurants or cafés easily? It is also worth considering what additional leisure facilities are available – sports teams, interest groups and activities for example.

Cobalt will soon be home to the first Tesco Express based on an office park in the country. It will form part of Cobalt Central – a new retail destination that will include six retail units totalling in excess of 10,000 sq ft (929 sq m), as well as feature meeting places and landscaped environment, as well as ample and free adjoining car parking.

Cobalt community co-ordinators organise more than 40 on site social and sporting activities. The team has also launched a new discount card which gives staff access to more than 100 offers from over 60 shops, entertainment venues and restaurants saving staff hundreds of pounds. There is a thriving community who can stay up to date with news and activities on the dedicated More Cobalt website, facebook page and tweets.

Q4. Quality of accommodation – what to expect?

As in any region, the North East has a combination of older office buildings and new accommodation for companies to weigh up. While older buildings have their charm, newer office accommodation brings a host of practical and financial benefits, such as efficient use of space, low heating costs and environmentally friendly buildings.

Further reason to give serious thought to newer buildings is that East West Location’s research shows that a modern environment helps employers retain staff for longer, and in turn staff are happier and more productive. This is a significant consideration for any company thinking about recruiting new or re-locating an existing workforce.

Cobalt – the UK’s largest office park – has the additional appeal of being home to international “brand name” employers such as Procter & Gamble, Santander, G4S, Orange and Hewlett Packard. This attracts people looking for stability and to develop their career – there is a large range of jobs at Cobalt which means employees can easily build their career on site.

Q5. What about corporate social responsibility?

Increasingly companies are committed to corporate social responsibility and at Cobalt a 50 per cent saving on carbon can be achieved. This represents around 350 tonnes of carbon each year, which is a significant factor for companies who have a commitment to saving energy.

Q6. What about future growth?

Will your company require more space in future? Do you need room to expand in the coming years? There are flexible options at Cobalt that allow occupiers to take on additional space if required over time.

It is also worth considering other facilities that your company may need in future. With ever increasing demands on secure information exchange and storage, many companies are reviewing their data room requirements.

Cobalt has a cutting edge data centre campus, which is being expanded to three facilities on site. The campus is designed to offer high quality and competitive data centre solutions and will provide the highest standard of technical real estate available in the region. It will also be the greenest data centre in the North East and one of only a handful in the UK.

Q7. Who do I work with?

In the current financial climate, companies look for stability and reassurance from suppliers and partners – finding office accommodation is no different.

The Cobalt development is established in the North East and has a thriving community. Two of the largest occupiers based at Cobalt – Orange and Procter & Gamble – have been on site for over eight years, which is a testament to the excellent facilities, transport links and competitive terms.

Over 10,000 people work at Cobalt, compared to the town of Morpeth which has a resident population of only 5,000 more. This figure is expected to double in the coming years.

Q8. Who can help with the move?

When moving offices, staff often need a little extra support – how do they get to the new offices, are there any facilities on site?

When companies re-locate to Cobalt, knowledgeable travel and community co-ordinators are on hand to help with staff travel arrangements and discuss the benefits of the park.

G4S, for example, moved 400 staff to Cobalt and were delighted that no staff left as a result of the move – they attributed this to the support from the co-ordinators on site.

Q9. A pleasant working environment…is it possible?

Location is key. Access to good staff is important. Excellent transport links are a must. But what about the additional requirement of ‘a nice working environment’ – is it possible?

With a 39 acre countryside park at the heart of Cobalt, the office park certainly has an advantage over other office locations. It is regularly used by staff based on site as well as neighbouring residents for walks and bike rides. With a full programme of events organised centrally, there is always something to take part in. Staff also take advantage of having somewhere to meet and relax during a break.

Q10. What is available?

Finding the right accommodation for your company is no mean feat. The process demands balancing a number of requirements and comparing possible options. The final challenge is of course finding the accommodation that meets your needs and is available in your timeframe.

Cobalt is one of the few developments nationally to build office accommodation speculatively – accommodation is available now with flexible packages. Cobalt has also worked with companies to design and build purpose built offices, developed according to specific requirements and – of course – timescales.

This was posted in Bdaily's Members' News section by Ruth Mitchell .