Will Serviced Accommodation Work in Your Area?
I spoke at PPN Bournemouth a couple of days ago and a few people asked me if I thought SA would work in Bournemouth.
Their issue was that they could see people coming in the summer months due to tourism - but what would happen in the remaining months?
After asking them a few questions and doing some research about the local economy I found out the following:
- JP Morgan’s Global technology hub is in Bournemouth
- RIAS, McCarthy & Stone, and Liverpool Victoria have their regional or national headquarters in the town
- According to the ‘Tech nation report’ Bournemouth is the fastest growing location in the UK for tech jobs
As soon as someone told me JP Morgan has a tech hub there, I instantly knew what that meant - IT contractors from India!
Tech companies are one of the best sources of revenue for SA (in my opinion) because the companies hire contractors from cheaper countries like India due to lower wages and bring them to work here and since its normally project work, a lot of them stay in hotels/ serviced apartments as they aren’t sure when the project will finish.
There happened to be a letting agent in the room who confirmed that she’s inundated with enquires from Indians who are here to work at JP Morgan!
So don’t just look at tourism!
Is there any industry in my area?
Are there companies who are likely to bring in contractors? (Tech/IT companies, research companies are great for this)
If Amazon is situated in your area, but it's an Amazon warehouse, then it doesn’t really matter as no one is coming in and out. You need companies who are likely to bring in contractors.
So in conclusion - I personally think Bournemouth would be awesome (given the numbers work!)