Growth of TMT companies could boost London’s commercial property market | 8 October 2012
London will need an additional 1.2 million square feet of office space in order to accommodate the growth of technology, media and telecommunications (TMT) companies in the next three years.
This estimate was produced by property advisor BNP Paribas Real Estate (BNPPRE) following a survey of 100 senior figures in London’s TMT sector.
The survey indicated that more than half of these firms are expecting to boost headcount by more than a third by 2015. According to costar.co.uk, this growth means that London will need the equivalent of another two Shard skyscrapers – even when property churn is taken into consideration.
In an interview with property-magazine.eu, BNPPRE investment spokesperson Paul Henwood said that this trend could be of great interest to property investors in the capital.
He explained: “The predicted growth of the TMT sector provides a positive occupational backdrop to the continued strength of the Central London investment market. The research shows how this key occupier group identifies with emerging locations such as King’s Cross, Southbank, Shoreditch and Stratford.
“There is a great opportunity for investors to look more seriously at these kinds of locations as well as the traditional core markets, but the entry price will be a key factor to a successful outcome.”
Written by Joe Elvin on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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