Peterborough is named as one of cheapest cities to do business in UK

Cathedral Square, Peterborough.

Cathedral Square, Peterborough.

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Peterborough has been named as one of the cheapest places to do business in the UK.

A new survey shows the average cost of renting office space makes the city the third cheapest in the country.

On average, the cost per square foot for office space in Peterborough is £11.75.

Office space is only cheaper in Bradford - £10.75 per square foot - and in Stoke-0n-Trent where a square foot of office space costs £10.25.

The survey has been carried out by commercial real estate services organization Colliers.

Its report looked at the cost of leasing office space of 10,000 square foot on a 10-year rental agreement in all major UK cities.

Office space in Manchester, which is most expensive city outside of London, costs an average of £29.75 per sq. ft.

A spokesman for Colliers said: “Peterborough offers accessible locations for businesses, as the city centre is situated minutes from the motorway, providing an ease of access base for businesses relying on road access.

“Peterborough is also widely connected via train lines, offering direct transport to London, Leeds, Newcastle, Cambridge, Leicester, Birmingham and Edinburgh.

“With the heavy investment in education and skills platforms, Peterborough has a highly skilled workforce, with exceptional talent, which offers businesses room for positive performance.

“The diverse population within Peterborough means they have many multi-lingual residents, which are able to support international business, ideal for moving your business from overseas.

Matt Ditchfield, chief executive of Success for All, Market Chambers, Cathedral Square, in Peterborough, said: “Peterborough was the perfect choice for Success For All.

“The city’s strategic geographical position, excellent infrastructure and first-class digital connectivity will enable us to operate both nationally and internationally with ease.

“We’re looking forward to continuing to serve our customers across the UK while also building new local networks and bringing our innovative education service to schools in Peterborough and the South East.”

The top five cheapest cities in the UK for office space (average price per sq ft)

Stoke-on-Trent (£10.25 per sq ft)

Bradford (£10.75)

Peterborough (£11.75)

Hull (£12.00)

Durham (£12.25)