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With the recent rapid growth of the TMT sector, we have seen demand and rents increase massively in a number of different sub-markets within Central London. The two areas which have seen the most significant growth are Clerkenwell and Shoreditch which are now seen as the two coolest places, not only to have an office but also to be seen in Central London. Media companies want to have their office in a converted warehouse with wood floors and exposed brick, who can blame them, it is far more funky and cool that your traditional suspended ceilinged grey carpeted office.
This brings the question, are the largest TMT companies driven by location when choosing their new office in the same way that the smaller start-ups are? Once you get to a certain size it is very difficult to find a converted warehouse which is big enough and has the infrastructure to support a technology company. Therefore, these companies need to look at what is now termed as ‘modern media’, which is a new office with a raised floor, exposed services and floor to ceiling glass. When this is the case availability can become more of a driving factor than location. In a tight market there are not going to be may options in Clerkenwell and Shoredtich that will be able to satisfy requirements above 4,000 sq ft per floor and with traditional modern media office sub markets becoming increasingly expensive, this has moved companies like Amazon and Google to occupy in traditionally more fringe areas such as Holborn and Kings Cross.
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.