Despite the fact that London is the financial capital, many technology, media and telecoms companies are acquiring more office space than businesses in the financial sector in the City of London.
According to the latest figures from Knight Frank Research, technology firms accounted for 931,000 sq ft of office space in the first nine months which has increased by 39% from the 670,000 sq ft acquired during 2011.
Whereas, the financial sector is down 60,000 from 680,000 sq ft in 2011, to 620,000 sq ft this year. Home to some of the world’s most powerful bankers and business executives, London has been renowned for being the world’s global financial centre, attracting a growing tide of hedge fund assets and investors.
Despite the fact that the financial sector has dominated London over the past few years, these figures are likely to be welcomed by the Government as they have been trying to help technology flourish in the same way that the banking and financial scene has.
As an example of this strategy, the government have named Shoreditch in London as Tech City in order to encourage technology companies in that area to take up more office space.
With many publications such as magazines and newspapers already settled in the city, it is likely that any up-and-coming titles will head to London for a piece of the action. As the technology sector is securing more office space, it is likely that there will also be more jobs in this industry, highlighted by the fact the Tech City Organisation managed to hire Joanna Shields, Facebook’s vice president.
As more technology and media related businesses look to move to the city, it is likely that many technology businesses will collaborate and form partnerships such as sharing networks and other services.
This increase in office space for the technology sector has also established that there will be many more networking opportunities for those looking to either move to London or find work in the media industry.