The volume of office space being secured by technological firms in London has doubled according to a leading commercial property agent.
Stepping away from the so called “Silicon Roundabout” of Shoreditch, leading tech firms, that include Skype and Oracle, have been securing new office space in the famous “Square Mile” – the heart of London’s financial district and traditionally reserved for the big spending banking institutions.
Commenting on what is described as a reweighting of the capital’s economy, a spokesman from Knight Frank explained that The City had growing appeal to tech firms as they begin to look away from the restrictions of Shoreditch and East London “Tech City”.
Tech firms have doubled their uptake of office space in the Square Mile, the traditional home of London’s financial institutions, according to Knight Frank.
“In the future more City tenants may find themselves competing against tech and media firms for office space, even in more traditional locations such as Cheapside and Cannon Street.” explained the spokesman.
“We are also seeing a revolution in how firms are using space due to the growing tech influence, as break out areas and ‘think rooms’ start to break up the rows of desks, and wifi negates the need for workers to remain tied to their desk.”
According to Knight Frank, the volume of office space secured by tech firms in the city totalled some 731,000 sq. ft. in the opening half of 2012 – up from 367,000 sq. ft. in the same period of 2011.