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Tech firms accommodate almost a quarter of all London office space | 18 March 2014

Tech firms accommodate almost a quarter of all London office space | 18 March 2014

Technology, telecoms and media firms now occupy 23 per cent of all office space in the capital, a new report shows.

According to londonlovesbusiness.com, data from Jones Lang LaSalle (JLL) and DTZ reveals that in 2013, one million square feet of office space was taken over by tech firms. City of London policy chairman, Mark Boleat, says this growth could mean the types of office space in demand by firms could change over the next few years.

“Businesses are increasingly open-minded about location as technology and transport improvements such as Crossrail increase connectivity across London,” he explains. “This means the city has to ensure its office stock is fit for changing occupier demand.

“This could mean, for example, that although the trend towards a smaller number of large buildings may continue we will see increased sub-divisibility to cater for smaller occupiers.”

He adds that having enough suitable office space is vital if the next Google or Facebook is to come from London.

A decade ago, tech firms only accounted for around nine per cent of all London office occupancy, showing the industry has grown significantly over a decade, reports cityam.com. Although recent growth as slowed slightly, as in 2012, tech firms occupied 22 per cent of London offices.

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

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