How serviced offices are accelerating growth of Yorkshire's SMEs: Oliver Corrigan
Yorkshire’s thriving SME ecosystem didn’t happen overnight or in isolation. One of the clearest lessons of the past decade is that where a business is based matters as much as what it does.
That’s why serviced offices and co-working spaces are fast becoming not just places to work, but powerful accelerators of growth.
I’ve long believed that flexible workspace is more than a solution to rising office costs or hybrid work patterns. It’s a strategic platform for connection, collaboration and community; particularly for businesses navigating early-stage and high-growth challenges.
A study commissioned by the Greater London Authority found that incubators, accelerators, and co-working spaces (collectively referred to as IACs) play a critical role in helping new businesses survive and thrive, especially when supported by mentoring and networking. Flexible leases, professional facilities and built-in support create environments where ideas flourish and early-stage businesses can access resources they wouldn’t have on their own.
These environments also help level the playing field. Instead of being locked into long-term leases or investing heavily in infrastructure, small firms can access premium workspaces with services once reserved for large firms.
According to research by Nesta and the Department for Business, Energy and Industrial Strategy (BEIS), regions with accelerators see an average of £48 million in additional tech sector investment within five years of launch, a 243 per cent increase.
It’s not just about capital. It’s about community.
The same Nesta research found that over 60 per cent of startups viewed the support from their accelerator or incubator as either significant or vital to their success. Nearly 75 per cent said direct funding access was critical, and 58 per cent cited access to office or lab space as a key factor.
Now, serviced office models can blur the lines between traditional office space and business development hubs. The more comprehensive the offering, whether mentorship, events, or peer support, the greater the growth outcomes.
We see this every day. A fintech founder connects with a marketing specialist during a coffee break. A logistics start-up meets its future accountant at a lunchtime workshop. These moments of connection are not incidental - they’re structural. Well-designed serviced offices foster the kind of cross-pollination that fuels progress.
Studies also consistently show that co-working spaces help address two of the biggest challenges of working from home: isolation and a lack of structure. By offering a professional, social environment, they boost productivity, creativity and job satisfaction.
Founders frequently report an improved ability to focus, attract talent and retain staff when based in a shared workspace designed to foster connection and purpose.
That’s exactly what we’ve aimed to achieve with the £10.5 million redevelopment of Copthall Bridge in Harrogate. The refurbishment of the town’s most prominent office building into a vibrant hub of business activity will help drive growth and attract new investment.
Yes, more research is needed to track these impacts over time. However, the evidence we do have, combined with consistent feedback from founders and funders alike, suggests that serviced offices are more than just places to work. They are platforms for growth.
In a world where collaboration is increasingly the currency of progress, choosing a workspace that accelerates not just productivity but community is a strategic imperative.
Oliver Corrigan is managing director of WorkWell.