TMT Sector Expands
According to a new report highlighted by City A.M.,
work on 10 new developments totalling 1.6m sq ft worth of new space commenced in the last 6 months, from April to October 2014. It is the largest
number of new starts since 2011 and accounts for three quarters of all new
space under construction in London.
City A.M posits the view that this new impetus is largely
due to the thriving “Tech sector” based primarily around the City’s Old Street
roundabout (rebranded as “Silicon Roundabout”) in EC1. 5 of the 10 new
developments are located here including Derwent London’s mammoth White Collar
Factory office building and Helical Bar’s The Bower. There are also new
undertakings at 99 Clifton Street, City Road and One London Wall Place, a
309,000 sq ft new development owned by Brookfield (pre-let to Schroder).
The tech sector continues to grow apace in London, aided by
government initiatives. TMT companies now represent 16 percent of the total
office space currently occupied in the capital. This is proving to be the
prompt for this renewed spate of office construction in areas which continue to
prove attractive to TMT businesses.
Newton Perkins’ Paul Vernon-Smith also comments; “We are seeing a spread of interest from TMT
occupiers to the east side of the City around Aldgate. It is also notable,
indeed remarkable, that Resolution Property’s Alpha Beta office scheme facing
onto Finsbury Square is being marketed with a 'south Shoreditch' address".
For further discussion please contact Paul Vernon-Smith or David Alcock..
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