The hunt for more convenient and affordable commercial property space has seen a number of business sectors move from their traditional heartlands in London, new research has found.

The City of London remains the hub of the banking and insurance industry, but these companies have now been joined by many IT businesses, according to the map drawn up by DeVono Property. While IT businesses have been settling in the City, the map shows that many other sectors have been migrating to new areas of the capital in the hunt for cheaper and more convenient office spaces.

Hundreds of new office buildings have been built in the Kings Cross and Paddington areas over the last few years, with the map revealing a new “business belt” in central London.

Businesses have been attracted by the areas strong transport links, which now includes rail links to the continent from St Pancras International, added to the fact that space is not as squeezed as in the City. British Land’s Regent’s Place complex is among the office buildings to attract new businesses into the area, with Gazprom and Ricoh moving into the building.

A number of financial sectors have also moved to different locations in the capital. More hedge funds are now based in the Mayfair area, while property companies have also opted to operate out of one of London’s more glamorous locations.

Financial services firms are increasingly looking to relocate to the London Bridge area, according to Adam Landau, the co-director of DeVono Property. Landau said: “It is an important extension of the City south of the river with leading legal practitioners, consultants and accountancy firms such as PwC and Ernst & Young having their headquarters there. It is seeing a massive upgrade with developments such as The Shard, which will be the tallest building in Western Europe.”

New media companies have begun to move from their traditional base in Shoreditch and are now creating a new heartland in the Victoria area, while the map also suggests a number of fashion companies have made a home in Clerkenwell. The number of government workers based in Victoria has dwindled, while a significant group of lawyers and accounts remain based in Holborn, but they are now being joined by recruitment firms.