It’s that time of year, when Business Link Magazine invites the region’s business leaders to offer up their predictions for the year ahead.
It has become something of a tradition, given that we’ve been doing this now for over 30 years.
Here we speak to Dr Edward Ziff, Chairman and CEO at Town Centre Securities PLC (TCS).
As we enter the new year, Leeds’ property sector is poised for transformation amid discussions on the cost-of-living crisis, inflation and rising interest rates. I feel this shift in focus is expected to drive efforts in rebalancing and fortifying the UK economy, with a specific emphasis on enhancing major cities in the North.
Leeds is experiencing significant momentum in private rental and purpose-built student accommodations. Whilst anticipating a slowdown, I am confident that these sectors will remain resilient.
The working landscape in Leeds seems to have adopted a hybrid model, reshaping office demand and emphasising the importance of environmental credentials for prime offices. Town Centre Securities PLC (TCS) has promptly responded by prioritising high-quality, multi-tenanted schemes and we are now exploring alternative uses, including office-to-student-accommodation conversions for key sites.
In Leeds’ retail sector, grappling with online shopping challenges, our strategic portfolio diversification has reduced retail exposure from 60% to 19% over seven years. The focus persists on resilient segments such as food, discount stores, and convenience outlets and we expect this to continue.
Consumer preferences for sustainability are driving transformations in Leeds’ property sector, aligning seamlessly with TCS’s commitment to high environmental standards, EPC A ratings, and BREEAM Outstanding certifications. The planned expansion of our CitiPark and CitiCharge electric vehicle charging infrastructure will also further cater to Leeds’ evolving needs.
In conclusion, I hope our strategy stands resilient in navigating economic dynamics, leveraging strategic assets, adapting to work trends, and prioritising sustainability and I wish you all a prosperous 2024.
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