London’s flourishing tech sector is rapidly expanding beyond its Silicon Roundabout heartland and increasing its share of City office space.
Last year, according to new figures from DTZ and JLL, take-up among tech firms accounted for over one million sq ft of transactions. This represents 23 per cent of available space. Over the same period, financial services firms –the City’s traditional tenants – took 21 per cent of space.
The figures illustrate the increasing importance of the tech sector to London’s economy and the role of the City in providing office space for maturing technology, media and telecommunications firms.
The rising occupancy levels also lend credence to Boris Johnson’s ambition to make London a world leader in the technology industry.
Last week the Mayor announced plans for an annual London Technology Week which, he hopes, will have the same impact as Fashion Week in raising global awareness of the capital’s contribution to the industry.
He also spoke about his vision for Tech City and his appointment of nine “tech ambassadors” from within the industry to promote London internationally and attract more tech firms to the city.
“There is nowhere to rival London for tech firms to thrive and grow,” Mr Johnson said on a visit to Old Street. “We have the talent, the investors and the entrepreneurial spirit.
“Our tech offer now spans the capital in its entirety, from Tottenham to Croydon and from Wembley to Queen Elizabeth Park.”
He went on to say that London is “where it all comes together” and that he wants the tech sector to become as globally visible as the capital’s tourism, arts and financial services sectors – and it appears the industry shares the Mayor’s confidence.
According to a recent YouGov survey, 71 per cent of London-based tech companies believe that their location will help them attract investment. And, overall, 84 per cent of firms are confident that the future is bright for the sector.
