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The rise of the TMT sector post-recession has seen a number of changes to the property market, not least the areas of the market it has developed into. Clerkenwell, Shoreditch and further east in the fringes of the City are the areas the TMT sector is calling home, with the likes of Google pushing further north into Kings Cross to develop a once seedy, uninviting area into a new flourishing part of the market. This has led to rents doubling, tripling and quadrupling in certain parts and with the introduction of Cross Rail into Farringdon station it will soon be a very accessible, well connected area. Since the recession the TMT sector has driven the property market, with the financial sector stuttering and only recently seeing signs of improvement it has been down to the TMT sector to drive the market forward.
There has been one impact from the rise of the TMT sector that has been felt around the market and through all sectors and that is the new office designs. The TMT sector is obviously a sector for the creative minds with cutting edge new technology and developing how we work and play in our day to day lives, they therefore need a working environment that echoes this. They are no longer interested in the suspended ceiling, raised floors, cellular offices and instead looking to design new innovative offices that provoke creative thoughts and allow workers to enjoy and relax in their working environment. Google have always been the driver of this ideology and are currently in the process of designing in Kings Cross their latest cutting edge office working space.
But these new office fit outs from the TMT sector have been felt across the whole market with practically every new young business and existing firm attempting to develop and create their new office fit out that provides a happy but hard working environment. Gone are the days of cellular offices and badly lit suspended lighting with almost every firm (bar solicitors) opting for the open plan format and this is down to the arrival of the TMT.
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.