Wednesday 09 November 2022
Leeds is a thriving business hub and the leading UK financial services centre outside of London. The city boasts a booming economy, impressive growth plans, a highly educated and skilled workforce, a large talent pool of tech graduates, a vibrant, high quality of living and a rich cultural heritage.
New IT Consultancy Office Is Set to Create 1,000 Jobs
The IT consultancy company, Cognizant, is set to create 1,000 jobs in Leeds over the next 5 years as a new delivery centre has opened. Cognizant first announced its intention to create more than 1,000 new jobs in Leeds over the next 5 years in September 2021, including at least 200 entry-level positions through its graduate and apprenticeship intake.
The business first said it was making the move following rising demand from businesses across the public sector and in the health industry.
A spokesperson said Leeds was chosen as the location for the new Delivery Centre “due to its rich talent pool and proximity to local universities”.
JP Morgan’s Investment into Leeds Global Shares Office Will Create 60 New Jobs
Global Shares, a company owned by financial services giant JP Morgan, has opened a new office in Leeds with a pledge to create 60 new jobs over the next two years.
Fintech company Global Shares has officially opened its new Leeds base in the Pinnacle building, located in the heart of the Leeds business district.
Stephen Tabb, Global Shares HR Director, said: “The opening of our new Leeds office comes at a very exciting time of expansion for Global Shares in the UK and globally. Our growth over the past couple of years has been enormous and looking ahead the sky really is the limit in terms of our future growth opportunities.”
He further added: “Leeds has a thriving economy and impressive growth plans for the future, offering a highly educated and skilled workforce, a large talented pool of tech graduates, a vibrant quality of living and rich cultural heritage. It’s an attractive place to do business and we look forward to seeing our new Leeds base thrive.”
Leader of Leeds City Council, Councillor James Lewis, said: “JP Morgan’s investment in Leeds, with the Global Shares office launch, builds on our reputation as the leading UK financial services centre outside of London, with The Bank of England, The UK Infrastructure Bank and the Financial Conduct Authority all locating major operations and UK hubs in the city recently.”
“Leeds has a strong heritage in financial services, and we continue to attract innovators shaping the future of the industry through our deep talent pool, strong universities and our thriving digital sector.”
New Wellington Place Office To Create Hundreds of Jobs
Plans for a new office building which is expected to help create hundreds of jobs have been given the green light by Leeds City Council. The building – 9 Wellington Place – will be the latest addition to the MEPC-developed urban quarter.
A spokesman for MEPC said: “The planning approval also signifies the creation of over an acre of outdoor spaces which will include a quarter of an acre of new planning, including 39 new trees.”
“The space will be open for both Wellington Place occupiers and the local community to enjoy, with MEPC having recently invested £1.1 million into improving the development’s outdoor realm.”
Councillor James Lewis, Leader of Leeds City Council, said: “The development of Wellington Place and its part in the wider regeneration of the West End has been critical to Leeds’s continued growth as a major centre for employment at the heart of the UK, as well as our post-pandemic recovery.”
“This latest phase of the scheme will bring significant job opportunities, chiming perfectly with our aim of driving inclusive growth for all while also enhancing Leeds’s regional, national, and international reputation as a great place to live and do business.”
£1.8 million Leeds Media Centre Redevelopment Scheme
Work has also begun on a £1.8 million redevelopment scheme to create new business space and improve life chances for aspiring entrepreneurs in Leeds.
The project will increase capacity within the Leeds Media Centre, by repurposing unused space for up to 12 new business units, alongside a business hub with virtual facilities and meeting areas.
The refurbishment work, which is partly funded by European Regional Development Fund, is due to be completed in June 2023. The European Regional Development Fund’s contribution to the project also includes funding for a full-time business adviser to deliver a broad range of activities to support young businesses, particularly those working in the creative, digital and media sectors.
Councillor Jonathan Pryor, Deputy Leader of Council and Executive Member for Economy, Culture, and Education at Leeds City Council commented: “The refurbishment of Leeds Media Centre to create a vibrant workspace facility will attract new and young businesses from the creative, digital, and media sectors”.
What This Means for The Leeds Area and Investors
The city of Leeds is home to 5 universities: Leeds Beckett, University of Leeds, Leeds Trinity University, Leeds Art University and Leeds Conservatoire. There are around 50,000 students enrolled across all 5 universities. Additionally, Leeds boasts a 39% graduate retention rate, which means there are thousands searching for employment opportunities and rental properties every year.
As a thriving hub for business, a hotspot for students and young professionals, and overhead costs are much lower than in cities such as London, many businesses are relocating or opening offices in Northern cities like Leeds. This in turn acts as a magnet for young professionals who are following suit and moving out of the Capital.
This is great news for property investors, as there is already a significant supply and demand imbalance which will only increase with a growing population of young professionals who are looking for rental accommodation close to the major employers and the city’s business district.