INDUSTRY NEWS

Tech Sector Growth Ignites Development in Tech City

The growing London technology sector has been driving more building development in Tech City over the past six months after developers have agreed a record amount of schemes.

According to the Deloitte London office Crane survey, 10 new development schemes have started, adding up to 1.6m square feet of space.

These new developments mark the largest increase of new office space since 2011. It is also the biggest increase across the entire City of London.

Out of the 10 new developments, five of them are situated on the outskirts of the city near the Silicon Roundabout. These new offices include Helical Bar’s The Bower, as well as Derwent London’s White Collar Factory building.

Tech Sector growth alongside government action to promote the Shoreditch area as the place-to-be for start up businesses, has enticed developers to take hold of the opportunity to take the new office space.

This development boom directly correlates to growth in the technology sector. The Mayor’s promotions agency, London & Partners demonstrated that London based technology companies have attracted a record-breaking £626m of investment capital in the first few months of this year.

Berenberg analyst, Ali Farid Khwaja said: “For anyone who wants to start a fintech venture, it has to be based in London.”

By: Kirsty MacGregor

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