The Weekly Wrap
City of London office space take-up showing highest figures since 2014
New evidence from London’s thriving
office market has been unveiled, showing the take-up levels in the City of
London last year climbed to the highest point since 2014.
According to sources, the office
take-up for the whole of 2018 reached a total of 14.6m sq ft which is 14% higher
than the long-term average.
London’s buoyant letting activity shows
little signs of slowing in 2019 with persistent levels of demand and supply shortages.
Indeed, Newton Perkins have had an equally strong finish to 2018 and start to
2019, having recently completed deals on both the 2nd and part 8th
floors at Portsoken House, totalling 8,406 sq ft, the 3rd floor at 100
Fenchurch Street and lastly a sublease was agreed on the 8,375 sq ft part 4th
floor offices at 11 Pilgrim Street & Peek House.
London retains its spot at the top of the tech charts!
London has retained its spot at the
top of the 2018 tech charts for another year, securing almost double the amount
of investment in 2018 than its next closest European competitor.
Tech firms raised £1.8bn in venture
funding and public listings in 2018 which represents 72% of the UK’s £2.5bn
total. The UK had more initial public offerings than anywhere else in Europe. However,
according to data released today by Pitchbook & London Partners, the top
company exits included London-based e-commerce firm Farfetch and peer-to-peer
lender Funding Circle.
Coming in second place on the list
was Berlin with £936.5m in funding last year, while Paris secured third place with
The most attractive sector of the
tech industry in London remained Fintech, scoring more than £1bn in funding and
accounting for over 90% of the financial that was raised throughout the year by
UK start-ups. Companies with valuations of over £784.9m have led the way with
several rounds during 2018. For example, Revolut took the top spot in April
with a £179m round, as Monzo raised £105m back in November and Oaknorth,
savings challenger, finished with a £77.5m round in September.
This year, all 3 companies are
planning to expand internationally, while Revolut and Oaknorth are both said to
be courting new funding from Japanese mega-investor Softbank. Tech giant and Saudi-backed
Vision Fund had previously backed the likes of WeWork, Uber and London
The founder of industry body Tech
London Advocates, Russ Shaw has warned that access to talent will remain the
UK’s “greatest challenge to date”, despite the City’s continued appeal to
investors. Rajesh Agrawal, the Deputy Mayor for business has said that London
will continue to attract global talent and innovation, regardless of Brexit.
intelligence was the UK’s fastest growing sector with investment hitting a
record £736m last year, a 47% increase on the 2017 figure.
The City of London does not want second Brexit vote
The City of London Corporation
councillors have voted against a second Brexit referendum whilst disagreement in
the House of Commons over how to proceed if it votes against the Prime
Minister’s deal continues.
Common council court debated a
motion today by Councillor Sir Mark Boleat on whether it should support the
holding of a referendum on the terms of Britain’s exit from the European Union.
31 councillors voted in favour of the motion and 60 voted against in a debate.
Catherine McGuiness, Chairman of
the Policy and Resources Committee said that while she was concerned as any
member of this court at the sorry state of Brexit preparations. Furthermore,
the Corporation did not receive any direction from business or trade
associations to sponsor a second referendum.
The City of London Corporation have
enjoyed a “special vote” within the City as it spoke on the basis of
pragmatism, not politics. "If this motion is passed, our credibility will
be diminished just at a time when we have even more difficult messages to
convey and when it becomes even more important for us to speak out for
London," she said.
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