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 Ann Bhatti, head of Connect Derby.
2023 was another challenging year, with the on-going cost of living crisis leading to intense pressure on SMEs. This has had a significant impact on how businesses view their workspaces, making many businesses cautious about committing to long-term accommodation leases and opting for a more flexible approach instead.
Last year we experienced a sharp rise in the hybrid working model following the pandemic. Going forward, I believe larger companies will continue to embrace hybrid working and demonstrate a growing preference for serviced offices and flexible working solutions.
This shift reflects a move towards businesses prioritising operational efficiency which allows them to scale their operations swiftly, whilst accommodating remote or hybrid work set ups.
I predict that over the next 12 – 24 months, serviced offices will experience another significant surge, particularly in city centre locations. This will be fuelled by the evolving needs of businesses seeking spaces that offer convenience, scalability, and access to city centre amenities.
Derby city centre in particular is in need of more large Grade A office accommodation. This is crucial if we are to attract new investment, increase footfall and foster economic growth, positioning Derby as an attractive hub for businesses and investors alike.
The evolving business landscape calls for adaptability and innovation in 2024. While small businesses navigate economic challenges, larger ones are re-assessing and reshaping their operational models.
Entrepreneurs and small business owners will need to demonstrate financial discipline again this year and seek more flexible arrangements to make the best use of office spaces as well as operational delivery models as we continue to navigate uncertain economic conditions.
