Tech Firms Take up London Office Slack

Technology firms are busily taking up the slack that has been created by the downsizing in the financial sector in the London property market. Telecoms, IT and internet start-up businesses doubled their uptake of Central London office space during the course of last year, with the industry in total taking up as much as 1.3 million square feet of office space during 2011, in comparison with the 64,000 square feet that was taken up over 2010.

The increase in demand for office space comes against a backdrop of dwindling take-up in the wider market, underscoring the increasing importance of the technology industry to the economy of the United Kingdom. Over the course of the last ten years, the industry has been focusing on taking up the floor space in Old Street, which borders on the city of London, with the heavy concentration of technology firms in the area having grown to such an extent that it has been given the affectionate nickname of Silicon Roundabout.

New data from property services group Knight Frank, however, indicates that the doubling uptake of new office space has come at the same time as technology companies begin to migrate to other areas in Central London.

“Silicon Roundabout has been a magnet for the start-ups for some time but the bigger companies are realising that they need to be in London to hire the best people,” says Knight Frank’s head of commercial research, James Roberts.

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