It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Andy Priestley, Managing Director of DSP (Interiors) Ltd.
As the economy finally shows signs of recovering from the slow-down triggered by soaring inflation and multiple interest rate rises, we expect to see an upturn across a number of sectors in 2024. This includes UK manufacturing, but predominately service sectors such as laboratories, research and development, and other service sectors such as IT (particularly considering the inevitable influence of Artificial Intelligence).
I predict there will continue to be increasing demand for manufacturing facilities, fueled by the dynamic evolution of ‘factories of the future’ – future-oriented manufacturing companies that embrace industry changes.
Research from S&P Global UK manufacturing and the Chartered Institute of Procurement and Supply’s index for manufacturing supports my views, suggesting signs of stronger demand with 53% of companies in the industry intending to expand activity over the coming year, linked to a wider economic recovery and a stabilisation of market conditions.
Likewise, the emphasis on personal health following the pandemic, rising concerns about getting a GP appointment and a growing market for personal health screening have all contributed to increasing demand for UK laboratories and Science R&D manufacturing facilities that focus on a range of health supplements and services.
We have personally seen this in our projects for SureScreen Diagnostics and Nutrivitality. Over the past 12 months we have created a large new facility for the R&D and manufacturing of health supplements to assist their exponential growth. SureScreen predict that in the near future their health screening products will help the NHS become more efficient by identifying ailments sooner and help direct patients to the correct health service.
Another effect of the pandemic has been the increase in demand by employees to have the ability to work from home for at least some of the week. This has fuelled the ‘hybrid office’ revolution. We are seeing this time and time again from our clients with larger office spaces that are looking to entice their workers back into the office more.
We have been creating agile workspaces for a number of years, but the hybrid working has been a catalyst for the changing office landscape. Rather than rows of open plan workstations, clients are looking to better support the way their staff want to work, providing a variety of workspace types – assisted by the developments in connective technology and ensuring adequate acoustics. There is also a much greater awareness of the importance of staff well-being through healthier building fit outs.
Having reached the peak of the mortgage rate rises it is widely thought that rates will fall this year, encouraging capital investment in commercial property. This is echoed by the rising demand for quality commercial premises and the speed in uptake from listing.
Here at DSP (Interiors), we have seen we a significant increase in orders across all these sectors. This is partly due to the changing face of the sector, but also our design and fit out expertise.
Over the past 12 months, we have worked with a dynamic range of businesses, including SureScreen Diagnostics and Nutrivitality, where we delivered new state-of-the-art production facilities at Sherwood Business Park in Nottingham. The flexible, agile nature of the facilities have allowed both companies to adapt their technology quickly and efficiently to address new challenges facing both the UK and overseas.
We are currently delivering a turnkey project for the Hayley Group, a leading supplier to Rolls-Royce Plc, and MasterMovers who specialise in electrical tugs. Both turnkey projects involve transforming empty building shells into large bespoke offices and warehouse facility to accommodate continued expansion.
2024 promises to be a year of renewed growth, with those companies with a commitment to innovation and adaptability across their factories and supply chains well-positioned to thrive.
