1.Workspace for Business

Responding to the lack of supply of workspace is key to driving economic activity within the city and allowing businesses to start clustering in one place, which can drive growth for collective benefit.

The quantity of available sites within the city driven by retail vacancy rates provides an opportunity to repurpose and create new purposes.

There is a level of market failure for workspace, with rent levels being low at a blended £12 per square ft and future market impacts of the recession, inflation and materials increasing, the private sector would need to take a longterm view regarding monetary return for the Capex investment.

There is limited availability of quality commercial workspace within the city currently; retail space which does exist is perceived to be of low quality (Northgate is excluded from this statement) and lease-based - when the market is now demanding short lease terms and flexibility.

There is proven demand for the city centre from micro and SME businesses and smaller footprints - The Steam Mill and Industry both have high occupancy. The creation of the new Blue Oak development underpinned by residential indicates the market is beginning to respond, though what is required is a workplace at scale.

There is currently within the city no space at scale, which provides an intersection for SME and micro businesses from creative/digital and tech.

There is currently no physical beacon point within the city which represents or provides a narrative for SME growth as a collective point. Many previous reports recommend the creation of such a space from Chester reimagined / GFN and perceptions study from LEP.