Peterborough outperforms Cambridge for startup growth
Peterborough outperformed Cambridge for the number of startup businesses last year, according to data from the Office of National Statistics.
Cambridgeshire was found to have the slowest growth for start-up businesses, behind Hertfordshire, Essex and Bedfordshire.
The data, which was analysed by Mantle Business Centres, showed that startups increased by 10% in Peterborough compared to just 4% in Cambridge.
Mantles Business Centres Group Manager Maya Bullen said that business growth in Peterborough is increasing at twice the rate of that in Cambridge, adding that office costs in Cambridge are generally double that of other cities in East Anglia, and that the large number of listed buildings in the city has led to office space being “severely constrained.”
She added that this is pushing many businesses to look outside of Cambridge, and that it is now common for businesses to commute outside of the city.
Bullen stated that startups in Cambridge are looking at “virtual office solutions” due to office space costs being high in the city.
“The widespread availability of fast broadband means that it is very easy to operate from home while using a virtual office service, which gives a business a professional city centre address together with call and mail handling,” she said.
Bullen also discussed business growth in Hertfordshire, stating that the county’s strong performance in this area was due to the “rapid growth” of the Luton and Stanstead airports, adding that transport links are “critical” for businesses.