Investment into Birmingham spurred by HS2 must be accompanied by a supportive business environment and a structured development plan if the city is to reap the full value of the new line, according to Savills.
Despite this, the agent’s Spotlight report said HS2 will open up new parts of the city for development and reshape the city, with comparatively low living and office costs drawing companies from more costly locations.
“Birmingham’s time has come both politically and economically,” says Barry Allen, head of Savills’ Birmingham office.
“But if the city is to capitalise on the game-changing opportunity HS2 represents, we need a co-ordinated approach that brings together city council and business interests in working towards 2026 when HS2 is scheduled to begin operation.”
Savills estimates that moving a role from central London to Birmingham could save a company approximately £18,000 in combined office and salary costs every year, with employees also benefiting from lower cost housing.
