Tech firms grab the most office space in London’s Square Mile
TECHNOLOGY, media and telecoms (TMT) firms have stepped up their presence in the Square Mile after taking up almost of a quarter of all office space lettings in the City last year, figures out today show.
According to research for the City of London by property agents JLL and DTZ, tech firms snapped up 1m square feet of office space in the City last year and accounted for the largest proportion take-up (23 per cent) followed by financial services firms (21 per cent).
Though only slightly up on 2012 (22 per cent) the number of TMT firms moving into the City has increased sharply since 2004-09 when the sector accounted for eight to nine per cent of office takeup, attracted by the area’s better value rents and bigger offices.
“With the financial sector likely to experience only modest growth in employment, the TMT sector is becoming more important as a source of demand,” said DTZ’s head of research Richard Yorke.
THREE CHANGES TO THE CITY OVER THE NEXT DECADE
1 42,000 MORE STAFF
The number people working in the City is set to increase from 315,000 to 357,000 by 2023
2 5.1M SQUARE FEET
The City of London forecasts it will need extra 5.1m sq ft of space to accommodate workers
3 BIGGER BUILDINGS
Bigger buildings are on the rise, with 79 per cent currently under construction over 100,000 sq ft