THE approval of the commercial district’s Business Improvement District (BID) application has made clear the willingness of companies to harness its potential for improvement.
BID status will herald big changes, with new funds dedicated to improve transport and infrastructure, and how it is managed and showcased.
This should provide a substantial boost to the commercial property market, by providing the right climate for new investment, making sure that the area sparkles when encouraging businesses to locate to the district.
The increased networking and marketing support that a BID provides, as we have seen in the retail area BID, attracts and retains small and start-up businesses.
In recent months, the commercial district has continued to diversify with more independent retail and lifestyle businesses opening.
We’re receiving increased interest from businesses who hadn’t previously considered being based in the commercial district, such as creative and media companies, who want to be closer to their clients and the existing broadband infrastructure which is now able to support core requirements.
Bruntwood has been an active supporter of the BID application from day one, seeing its potential to attract new business and to drive inward investment.
We must continue to work with all businesses to provide the right conditions for relocation, such as offering short-term contracts.
New businesses will search for premises that offer flexibility in suite size, price and lease commitment and delivering this has always been a core proposition across our portfolio.
Ensuring that the BID has a diverse range of businesses is the best way to safeguard its future. Landlords have a major role to play by working with tenants to provide flexibility of lease and support integration.
This will bring significant benefits to both as, after all, if a company feels a proper part of its business community, it’s more likely to be a happy, long-term and, in turn, successful tenant.
As this is only the third commercial-led BID in the UK, we are keen to show how successful it can be.
This is a fantastic opportunity for landlords to work in partnership with tenants to transform their working environment.
