Forget Location, Location, Location: The focus is now on Technology, Technology, Technology

The old saying of Location, Location, Location still holds an important role in a company’s key criteria when searching for an office space. However, the demand for hi-tech amenities is now a key factor behind many companies’ reasons for moving.

A pre-requisite for many companies in their new office space is fibre optic broadband. High speed internet is crucial for the vast majority of companies today, regardless of their sector; the problem of connectivity is not unique to areas of high concentrations of TMT businesses, such as Tech City or the Silicon Roundabout. The issue of connectivity is apparent throughout Central London, with many companies not fully aware of the costs and timescales associated with installing fibre-optic into their office.

Eugene O’Sullivan, Managing Director of Central London tenant acquisition specialist Morgan Pryce, believes there has to be a shift in the way offices are set-up in terms of maximising technological services: “The process of installing a high-speed internet connection is a lengthy procedure. The recent government initiative granting of £3,000 for small businesses helps to cover the majority of the cost associated with this, however there are time-scales that many companies just aren’t aware of. The Wayleave agreement between the landlord and the ISP is set out in multiple stages; on-site visits, planning permits, road developments and the installation itself – this process can take a number of weeks.

Landlords must adapt to the needs of companies who in some cases do most of their work of laptops, tablets or smartphones. The strength and speed of the installed internet connection is crucial for the running of businesses, and in the future there could be more collaborations between landlords and IT companies, as seen between Workspace and Excell Group.”

This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pry`ce specialises in search, negotiation and project management and works exclusively for tenants.