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At Morgan Pryce we are privileged to work with a whole range of clients, and by doing so we are able to understand the trends of certain industries. One industry that we work with in particular is the TMT market – Telecommunications, Media and Technology. This sector probably has the most movement in the acquisition process, it is one full of young companies growing at very fast rates and therefore moving offices often.
Over the past few years, we have noticed how the TMT sector has shifted from presence in the west end over to Clerkenwell. This movement initially came from start-up companies looking to save money by moving to a less attractive but central location. Offices in Clerkenwell offered low rents as well as low business rates as opposed to Soho’s high rents and artificially inflated business rates due to the economic crash in 2008. One area of particular interest was Old Street, and Old Street’s roundabout was then named as Silicon Roundabout last year by Cameron, boosting its profile and lending to the big TMT names now placing their offices there.
Unfortunately, as with most property circles and like that of residential gentrification, start-up companies are now being priced out of Old Street and even suggest that the area is old news, “it’s been done”. From Morgan Pryce’s statistics it seems the new hot spot for start-up companies looking for an office in London is Southwark. Southwark’s rents are more affordable and it is slowly becoming less desolate in certain before no-go areas. Christina Weguelin of Morgan Pryce states “Southwark can offer brand new, modern space as well as traditional converted warehouse or period building space. This kind of space along will lend itself to the creative types that are now priced out of Clerkenwell.”
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, negotitation and project managements and works exclusively for tenants.
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