In July 2016, the British public voted to leave the European Union. In the three years since then, the UK business sector has been rife with confusion, uncertainty, and a heavy dose of speculation, as even the most informed experts struggle to make sense of what might happen to our homegrown industries in the wake of an EU departure.

At time of writing, we were less than eight weeks away from the supposed leave date of October 31st and still we have no clear answers on what an actual Brexit may look like, nor on how exactly UK industries are expected to operate in a post-EU Britain.

In some sectors, this rampant unpredictability and speculation has had a detrimental impact.

The Harvard Business Review estimates that, even before it actually occurs, Brexit has already led to a 6% reduction in UK investment, while the Financial Times suggests that a “remarkably strong” labour market may soon take a turn for the worst.

Yet amidst all the doom and gloom, there’s good news for those involved in the design, development and refurbishment of the country’s office and commercial spaces, with many businesses reporting strong resilience, and even considerable growth.

 

Threats to the industry

While the industry remains strong, that isn’t to say that businesses don’t have their fair share of fears.

A quick search online reveals scores of industry insiders and trade publications who fear that, without the EU behind it, Britain would see countless businesses packing up and shipping off overseas.

Meanwhile, others express concerns that Brexit may result in a lack of funding for future office fit-outs.

Many of the high street lenders that SMEs rely on to finance their office refurbs have already taken a hit thanks to Brexit and have already begun to tighten the proverbial purse strings when it comes to how much money they’re prepared to give out.

That’s not to mention the impact on the cost and availability of essential office materials.

Some sceptics suggest that leaving the European Union will result in a scarcity of essential materials, causing major delays to projects as British firms are forced to wait longer than usual to get their hands on the materials they need.

 

Continued Growth despite uncertainty

Still, despite such fears, the UK office development sector shows no signs of the struggles that have seemingly affected other industries.

Statistics show that some 3.5 million square feet of new office development projects have begun since the start of this year.

Meanwhile, in London’s Square Mile alone, work has started on the redevelopment of over 800,000 square feet of Grade A space, with some office fit-out specialists in the capital reporting annual turnovers of as much as £150.9 million, up 50% from the previous year.

The actual level of investment may be higher in the capital than it is elsewhere, but it is typical of a nationwide industry trend. Rather than seeing their businesses stagnate, office fit-out specialists, interior designers and commercial property developers continue to march forward with the creation of new spaces.

 

Preparing for the future

Of course, though businesses are continuing to invest in office design and build services right now, that doesn’t mean that Brexit won’t have an impact once it finally occurs.

While we fully expect to see investment to continue, there is a possibility that the availability of affordable materials could be impacted.

That’s why leading office design specialists like Spaceway are making the most of Britain’s current status as an EU member, sourcing the best deals on materials and services and passing the savings directly onto our clients.

 

To find out more about how our office design and build team can help your business prepare the future, contact us online or call now on 0800 085 1022.