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TMT the new driving force of Central London Offices

5th June 2014

TMT the new driving force of Central London Offices

The TMT sector continues to grow as take-up was up again on the 2012 figures from 23% to 34% of office lettings in 2013. With a third of all Central London office lettings now made up from the TMT sector, it is a clear indicator that developers and major landlords now have to look at creating different specifications in their building to attract this growing sector. However, it isn’t just the ‘tech hub’ of Shoreditch and Clerkenwell that are seeing this growth but throughout Central London in all the different submarkets; The City, West End, Midtown and SE1 are all benefiting from the growth in this sector. With the likes of Google, Amazon, News International and Ogilvy & Mather all acquiring larger spaces in differing submarkets in Central London, it really emphasises that the TMT sector is not confined to just one location.

The most surprising location of all is the City. New figures suggest that over a quarter of all space taken in the square mile came from the TMT sector. With an even larger proportion acquiring serviced office space to help get their new venture off the ground which has led to a further 12 new serviced offices opening within the square mile to accommodate this. The figures are truly staggering with only 7-9% of take up in the 2004-2009 period coming from the TMT sector compared to the 23% recorded in 2013. Ahmed Al-Ansari, Media Manager at Morgan Pryce commented that ‘’during the recent recession, the financial sector really suffered and many thought this could lead to long lasting damage to the Central London property market, but the TMT sector rose and in the space of 3 or 4 years, it is now the rising star of the industry with the likes of Sony, Apple, Amazon, Havas and the Engine Group all looking to acquire further space this year’’. 

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.

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