November 12th 2021
The UK has always been a hub for innovation in business, with many cities across this little island now stepping up to the plate, to be seen as real competitors in business and start-up success. In this article, we’ll outline some of the best cities in the UK for business, some of which may surprise you, others – not so much. In the UK, there are around 77 companies founded every hour, to varying degrees of success, so let’s see which UK cities appear on our list.
1. LONDON
It is of no surprise that London appears in this list, with its iconic status as not only the capital of the UK, but also one of the best business cities in the world, contributing roughly 30% of UK GDP alone. As a major player in national and international finance, also being home to the London Stock Exchange, it also has thriving technology, tourism, and media industries. There are locations and offices for many types of businesses in the capital, such as Camden Town, Soho, Shoreditch, Chelsea, and many more in which you can start building your business up today.
- Population: 8+ Million
- 5-Year Start-Up Survival Rate: 39.35%
- Average Office Space Cost Per Square Foot: £47
- Average Weekly Earnings: £713
2. BRISTOL
Bristol, in recent years, has seriously upped its game in terms of business, becoming one of the most profitable economies in the UK. With its’ specialisation in the art, tourism, finance and even sport industries, it’s quickly becoming a favourable location for start-ups and SME’s who wish to stay away from the bustling and crowded capital of London.
- Population: 600,000+
- 5-Year Start-Up Survival Rate: 44.4%
- Average Office Space Cost Per Square Foot: £28.50
- Average Weekly Earnings: £565
3. EDINBURGH
Edinburgh remains as one of the most affordable places to set up office in the UK, as other major cities continue to increase prices. With its fast internet speeds, and quality office spaces across the city, Edinburgh stands tall as a great city for start-ups to get going. It is also well known for its scientific research, financial services, and education sectors.
- Population: 540,000+
- 5-Year Start-Up Survival Rate: 42.1%
- Average Office Space Cost Per Square Foot: £28.50
- Average Weekly Earnings: £613
4. MANCHESTER
Manchester is a varied and culture-rich city, with ties to many different industries, such as science, engineering, art, music, sport, among many others. With the move of the BBC headquarters to Salford’s MediaCityUK, Manchester experienced a boom in fledgling media start-ups, bringing this iconic UK city into the limelight when it comes to business, with its big sectors focusing on textiles and technology.
- Population: 395,000+
- 5-Year Start-Up Survival Rate: 37.52%
- Average Office Space Cost Per Square Foot: £34
- Average Weekly Earnings: £555
5. BIRMINGHAM
Birmingham is considered by many to be the second capital of the UK, so it is of no surprise that it also houses the most start-ups in the country (outside of London). It is home to a total of 5 universities, and banking giant HSBC moved their headquarters here a few years ago. Birmingham attracts new businesses by providing affordable housing prices and a high quality of life, making it the perfect place to have a go at building a business, if London is not your scene.
- Population: 2.6+ Million
- 5-Year Start-Up Survival Rate: 39.7%
- Average Office Space Cost Per Square Foot: £30
- Average Weekly Earnings: £584
6. CAMBRIDGE
Home to one of the world’s most prestigious universities, Cambridge University, this vibrant city consistently pumps out qualified and highly talented individuals, leading to much start-up success. Big success in the automotive industry, and the food and beverage industries position Cambridge as a force to be reckoned with. It also has great office and meeting spaces on offer.
- Population: 440,000+
- 5-Year Start-Up Survival Rate: 42.4%
- Average Office Space Cost Per Square Foot: £26.50
- Average Weekly Earnings: £642
7. OXFORD
Oxford is home to the iconic and world-renowned university, Oxford University, perhaps the most prestigious university in the world. With industries ranging across motor manufacturing, education, publishing, science and technology, and IT, Oxford is a great place for tech and engineering start-ups. A steady flow of highly educated students gives Oxford an edge when looking into recruitment.
- Population: 177,000+
- 5-Year Start-Up Survival Rate: 44.2%
- Average Office Space Cost Per Square Foot: £25.50
- Average Weekly Full-Time Pay: £664
8. BRIGHTON
Despite being relatively close to London, Brighton has established itself as a great location for new business. People used to take higher-paying jobs over in London, but today this is not necessarily the case. Brighton benefits from a thriving start-up and scale-up scene, which is why so many small businesses have chosen to stay here instead. Not only that, but it is also home to American Express, one of the city’s biggest private sector employers.
- Population: 610,000+
- 5-Year Start-Up Survival Rate: 44.1%
- Average Office Space Cost Per Square Foot: £23.50
- Average Weekly Earnings: £532
9. SOUTHAMPTON
With booming health and education sectors, and thriving wholesale, property, and retail businesses, Southampton is a great hub for business. With a very diverse population, proud maritime heritage, and gorgeous coastal views, it’s no wonder why so many businesses find Southampton a great place to call home. It has undergone an ambitious regeneration scheme (£3billion investment since 2012), putting more resources into green energy and technology.
- Population: 246,000+
- 5-Year Start-Up Survival Rate: 39.3%
- Average Office Space Cost Per Square Foot: £19
- Average Weekly Earnings: £571
10. LEICESTER
Often knows for its shoes and textiles businesses, Leicester has now become a great UK city for start-ups specialising in the engineering, food, and retail industries. It’s location is a logistics dream, with over 90% of the British population being within a four-hour drive. Some big hitters also call Leicester home, with companies such as clothing retailer Next, Walkers Crisps and Triumph Motorcycles having bases here.
- Population: 556,000+
- 5-Year Start-Up Survival Rate: 38.8%
- Average Office Space Cost Per Square Foot: £16.50
- Average Weekly Earnings: £487
So, there you have 10 of the UK’s top business cities, with some great statistics to help you make an informed decision about where you want to base your business. We can also help you find great office spaces in these locations, if you head over to our Serviced Offices or our Managed Offices pages, and use our free search function to find your ideal new office. If you can’t find what you’re looking for, feel free to get in touch with us directly, and we’ll help you in any way we can.
