The Big Question: November 2024

Jonathan Carter, Director, 186 Property Solutions

As 2025 approaches, optimism is growing in the North East’s commercial sector, particularly within Teesside.

We are seeing increased demand for the refurbishment and regeneration of commercial properties, signalling confidence in the region’s future.

Despite concerns about the economy, real investment and development are evident.

Devolution deals and regeneration pledges are crucial, providing the financial support needed to revitalise the region.

Teesside is at the forefront of growth, with significant investments in green technology, advanced manufacturing and logistics driving new opportunities.

To fully realise such potential, continued investment in infrastructure, particularly transport and digital connectivity, is essential.

Focusing on technology, innovation and skills development will ensure local communities gain maximum benefit.

Additionally, repurposing underutilised commercial spaces to meet current market needs will help reduce vacancy rates and optimise property use.

The North East is on a promising path, and by prioritising infrastructure, workforce development and efficient property utilisation, it is well positioned for long-term growth and prosperity.

Will Halford, Managing director, Boniplas

The devolution deals and regeneration pledges signal a commitment from both local and national governments to bolster economic growth, empower local leadership and facilitate investment.

The current Government needs to commit to the devolution deals, allowing greater control over budgets and decision-making at a local level.

With a distinct need for urban regeneration and support for some of the former mining villages through social housing developments and opportunities for business growth, local organisations could be an integral part of the procurement process.

While there is headline news about high-profile investments, as an SME, we would like to see more targeted support and a reduction in the administrative burden to enhance further growth.

The region has a flourishing education system, from universities to high achieving schools, but introducing further costs without understanding the impact of the existing system could hamper skills development.

Continued focus on skills, infrastructure, economic diversification and community involvement will be key to transforming the region’s potential into sustainable outcomes.

Danielle Croce, Commercial director, Intasite

There is an exhilarating sense of optimism for the North East, particularly on Teesside.

The transformation is not just about infrastructure; it’s about creating a thriving ecosystem that encourages innovation and opportunity.

We’re witnessing a continued transition from heavy industry to a diverse range of sectors including green energy, aerospace and digital technology.

This is generating high-quality local jobs and attracting significant international investment, which is creating a collective community spirit – a feeling that we’re all part of something monumental.

However, we must also focus on areas that require further attention to ensure sustained growth and prosperity.

We must strengthen our talent pipeline by equipping our workforce with the skills necessary for the jobs of the future.

Additionally, promoting collaboration between sectors will amplify our impact and drive innovation.

It’s important to harness this renewed confidence to attract investment but also cultivate an inclusive environment.

Teesside’s transformation can serve as a paragon of industrial renewal and economic growth, inspiring other regions to embrace change.

Frans Calje, Chief executive, PD Ports

The opportunities in offshore wind, green and blue hydrogen and sustainable fuels are within our grasp.

There is already a lot of offshore activity in Teesside – Able UK at Seaton Port, EDF Energy operating out of Hartlepool and the SeAH Wind monopile development opening next year.

The Government’s recent support for Net Zero Teesside, to progress carbon capture, is welcomed and can support the UK’s future energy security.

Put together, it positions Teesside as a national centre of excellence for the energy transition.

Government support is key, and here at PD Ports we are lobbying for targeted investment in the maritime sector, a focus on skills and for clarity of policy around the energy transition.

We want action and forward thinking from Westminster to finally kick-start major projects.

Keir Starmer visited Teesport to announce £1.8 billion funding for port infrastructure projects – but we need to understand and influence how that will be deployed and trickle down the supply chain.

There is great momentum going into 2025, which we must harness through collaboration.