Are Business Parks Still Relevant?
Posted by The Landsite on 21st June 2023 -
Business parks have been a popular concept for several decades, providing a centralised location for companies to operate in. Over the past few years and post-covid, hybrid working models have become more commonplace and during these times, many have questioned the effectiveness of these parks.
Whilst some business parks are struggling to fill office space post-pandemic, others have managed to adapt their business model to suit current working conditions. By accommodating tenants’ business needs, the more successful parks now offer amenities such as fitness centres, cafes, prayer rooms and outdoor spaces to create a more appealing work environment and encourage employee wellbeing.
In addition to amenities, commercial buildings that are environmentally friendly and have adopted sustainable practises can expect to attract a growing number of consciously minded tenants looking to reduce their carbon footprint. This includes recycling and reuse of furniture and materials, renewable energy sources, implementing water-saving measures, additional EV charging points and smart metering.
The more successful parks are also adapting to the continued trend of flexible work schedules. Some parks are offering co-working spaces and shared office spaces to accommodate smaller businesses with 4 employees or less. By offering flexibility in their lease agreements, business parks can appeal to a wider range of companies and tenants to ensure the continued success of the park.
Here are five business parks in the UK that have adapted successfully post-pandemic:
White City Place - Located in West London, White City Place is a 17-acre campus that has attracted big-name tenants like the BBC, ITV, and Yoox Net-A-Porter Group. The park offers state-of-the-art office space, green spaces, and amenities like cafes and fitness centres. White City Place
Manchester Science Park - Situated in the heart of Manchester, this science park is home to over 150 businesses, including start-ups and established companies. The park offers flexible workspace options, networking opportunities, and support services for businesses.
Green Park - Located in Reading, Green Park is a large business park that offers a mix of office and retail space. The park is known for its sustainability efforts, including a zero-carbon district energy scheme and a green transport plan. Green Park is also home to a variety of amenities, including shops, restaurants, and a gym.
Kings Cross – More than a business park, this vibrant business and residential district in London has undergone significant redevelopment in recent years. The area is now home to a mix of businesses, including tech start-ups and established companies like Google and Facebook. Kings Cross offers a range of office and retail space, as well as cultural attractions like the British Library and the Granary Square fountains.
Cambridge Science Park - As the UK's oldest and largest science park, Cambridge Science Park is home to over 120 businesses and 6,500 employees. The park offers modern office space, state-of-the-art research facilities, and access to some of the world's leading scientific minds. The park has a focus on sustainability, with initiatives like electric car charging points and bike storage facilities.
Overall, the success of a business park depends on its ability to adapt and meet the evolving needs of the modern workforce. While some parks may struggle to stay relevant, those that can innovate and provide an attractive, sustainable, and flexible workspace will continue to thrive.
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Related articles:
- Achieving Carbon Neutral Goals in Commercial Property
- Environmental & Sustainability Impacts on the UK Real Estate Sector
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