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Tech sector goes from strength-to-strength
If any further proof were needed about the runaway success of technology companies in London, a new survey makes a very comprehensive case.
Research collated by the estate agent Knight Frank shows that the tech firms now occupy more office space in the capital than any other industry.
Over the past four years, technology, media and telecoms businesses have acquired 12.5 million square feet.
This is some way ahead of the eight million sq ft and 5.6 million sq ft taken by financial firms and professional services companies respectively.
The centre of this empire is still undisputedly Shoreditch, where rents have risen by an average of £25 per square foot since 2011.
With many of the firms in the district rapidly acquiring the stature of mainstream companies, new start-ups are increasingly moving out to neighbouring areas such as Whitechapel.
“This is a healthy progression for the market,” Knight Frank told Business Insider. “If London is to generate the future Googles or Amazons it needs to allow the expanding firms to move out of the start-up incubators and into modern offices. It also means other parts of London will benefit from the economic uplift an influx of start-ups can bring.”
A separate report has suggested that the continuing growth of Tech City is one of the main factors driving the construction of new office space in the capital.
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