The country, and indeed the world, is becoming a smaller place with an increasing market share for global companies. The ease of movement for people and goods makes firms more footloose in terms of location.
Globalisation is also being seen in the professional services field with firms growing to match the aspirations and needs of their clients - notably accountancy practices, law firms and real estate consultancies.
These practices are suited to international clients, and are best used when making decisions such as which country to locate their business. However, they are not always best suited to providing advice at a regional level, when investment decisions often have tighter constraints.
Whilst governments and councils chase international brands, there is a tier of regional success stories that we need to shout about, nurture, retain and grow. Clearly there needs to be a solid infrastructure and skilled workforce available as well as suitable commercial property to allow this to happen.
The North East has a wealth and depth of professional knowledge and expertise, but increasingly a lot of our most talented graduates and school leavers are looking at the bright lights of London or other major world cities to further their careers.
Critically this is making it very difficult for local companies to retain top talent, which directly impacts on their growth and often results in larger regional firms going to bigger corporate consultancies for advice; advice may not be fully focused on the region and could ultimately lead to an investment recommendation which does not involve the North East.
It is important that our professional services sector can compete with the national and international consultancies. It is equally as important for regional-based government bodies and local authorities to ensure that our local professional practices are given opportunities to tender and provide advice.
We have some very well-regarded consultancies but we need them to grow, diversify and increase their voice so that expanding companies looking for professional advice don’t go outside of the region.
By working together we can help to grow the base of the economy in the North East, increase employment and wealth and improve the depth of professional services on offer. As a virtuous circle, once this happens the level of inward investment we see in the region can only go up.
For further information about how Naylors can help you with your commercial property needs please contact Angus White on 0191 232 7030 or email firstname.lastname@example.org