31st July 2020
Tech checks into City
18th April 2018
City AM reports on a notable trend which marries with BBG’s on the ground experience of the evolving location choices by TMT (technology, media and telecommunications) companies.
Since the early noughties Old Street and Shoreditch (aka Silicon Roundabout), Clerkenwell, Spitalfields, Aldgate and the South Bank have been magnets for many in the TMT sector and that attraction is still evident. Linked in is the latest newcomer to Farringdon Road in Clerkenwell. A good example of a smaller building with wide TMT appeal is Sekforde Street.
However, rents have risen in those locations to levels equalling or surpassing central City locations, the impact is now evident of the proportionately much higher hike in rates (from 2017) and there is a relatively shorter amount of available office stock.
These realities have led some in the sector to re-visit the City where there is a growing stock of buildings with TMT specifications (exposed services, bare concrete finishes) and offering a diversity of choice in leisure, wellness and business facilities allied to greater proximity to public transport.
Amongst other recent major City lettings the likes of Mimecast taking 79,000sf in Finsbury Avenue, Framestore moving to 80,000sf in Chancery Lane and Global Relay to 25,000sf in Cannon Street are notable.
To discuss this further please contact David Alcock or Jack Wells at BBG.