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Over the last 5-7 years, the TMT (Tech, Media and Telecoms) sector has blown up, with companies creating hubs in previously less desirable areas of London. Silicon Roundabout in Shoreditch/Old Street was the first beneficiary of these moves, and more areas have followed; Clerkenwell, Farringdon, Aldgate to name but a few. Start-ups were looking for flexible leases that reflected their scope for growth (and to cover them if things did not work out) – but are we now seeing a shift in conventional, institutional landlords and the developments they are considering? Has the TMT sector created a new, flexible sub-market within central London?
British Land’s new proposed development at Blossom Street, on the City Fringes will total 2.2 Acres and offer flexible terms, mainly aimed at the TMT sector. With a lack of supply in the City Fringes, and indeed throughout central London, the development aims to move away from British Land’s staple development style of large floor plates on longer leases.
Ollie Salter, surveyor at tenant acquisition specialist Morgan Pryce, believes there is still a market for large floor plates, but developers may now be looking towards a mixed size development,
“Historically there has been a focus from institutional landlords on large floor plates, catering for established companies. However, in a short time a start-up can grow from 3-4 desks to taking a large scale floor plate in a matter of years… there is potential in housing TMT companies from the early days through to when they blow up. British Land’s proposed development will offer this through small size floor plates, right the way through to larger, more traditional floor plates on longer leases.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.