London office space creates new IT jobs.
Rise in IT jobs caused by quality London office space.
A new study carried out by ReThink has shown that there has been a rise in opportunities in the IT sector thanks to an increase in the amount of London office space. The statistics show that in June 2008 34 per cent of the entire UK’s IT jobs were located in the capital. However, new figures suggest that it is now closer to 40 per cent due to both the increase in London offices and more foreign firms choosing to locate their offices in London.
ReThink’s new figures reveal that the financial sector is mostly responsible for the increase in IT jobs. The majority of the offices and technology positions were located in either central London or Canary Wharf. ReThink have also suggested that the increased need for IT specialists in the financial industry is due to strict regulatory and risk compliance systems. These are mainly in place thanks to the repeated online cyber attacks by groups such as LulzSec.
Rent prices and close proximity to amenities are also key elements that have affected many companies decisions on moving to the capital. Speaking about this ReThink’s director Michael Bennett commented: “In comparison with other high-tech centres, London still offers relatively cheap rents and has consequently attracted very specialised tech firms looking to recruit qualified IT candidates”
Additionally the creation of the ‘silicon roundabout’, David Cameron’s answer to silicon valley has attracted more and more high profile technology and IT companies to London office space. Most recently, Facebook announced that it was moving into new office space in Convent Garden.