World Trade Center Gibraltar: £65m Annual Boost to Local Economy
A report detailing the social and economic impacts of World Trade Center (WTC) Gibraltar was presented to the World Trade Centers Association (WTCA) in New York this week.
This press release features multimedia. View the full release here: http://www.businesswire.com/news/home/20171020005285/en/
Ed Allison-Wright of WTC Gibraltar, with Scott Ferguson, WTCA, New York (Photo: Business Wire)
Following the official opening of World Trade Center Gibraltar by the Chief Minister and Deputy Chief Minister in February of this year, World Trade Center Gibraltar commissioned the independent international economic consultancy Nairne Limited, to study and report on the economic contributions of the World Trade Center to the Gibraltar economy. This comes in the midst of an unprecedented take up of the office accommodation within the state-of-the-art facility. An astonishing 98% of available space was either let, sold or under offer in March, less than a month after the opening, and enquiries for more than 10,000 square meters of additional space (107,640sqft) were turned away by May due to a lack of available space.
The report reveals that up to 40% of occupiers in the building are new to Gibraltar; a volume much higher than many had initially anticipated. This demonstrates a sound confidence in Gibraltar’s economy, particularly at a time when Brexit continues to pose a number of unknown eventualities for the market place.
Around £30,000,000 is estimated to go to HM Government of Gibraltar in tax revenue, annually from the building occupants. When integrated with local spending multipliers and displacement ratios, this suggests that WTC Gibraltar contributes £65,000,000 annually to the Gibraltar economy.
The report also suggests that the global recognition of the World Trade Center brand carries local benefits for Gibraltar, providing a brand with worldwide recognition as a platform for eMoney, FinTech and other SME companies looking to attract capital investment to enable rapid growth plans.
One of the observations of the report highlights the under-exploitation of the World Trade Center in Gibraltar, through the limited use of its expansive trade services capability, and also due to a limited pre-emptive capacity of office accommodation for businesses to grow into. A spokesperson for World Trade Center Gibraltar commented:
“We are aware that businesses expectations are high and they require a step change in the quality of their working environment. Also, in some cases, businesses require a reputable platform for attracting capital investment into their operations. Our occupiers have found both solutions in World Trade Center Gibraltar.”
The report was presented to WTCA CEO, Scott Ferguson in New York, who commented:
“At the WTCA we know we have Members who are doing great things, and making critical and important contributions to their local economies. We have an incredibly compelling story to tell through these Member activities, and this landmark report certainly does just that. As an active participant in our global network, WTC Gibraltar is an example of the great work our Association does through the tremendous efforts of its Members.”
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