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It seems that Old street, now dubbed Sillicon Roundabout due to its attractive status to the startup world in the TMT sector is now attracting thousands of entrepreneurs from the US.
Many start-ups from Silicon Valley are settling in to Silicon Roundabout for their ideal location to launch in Europe, which has contributed to a record number of new businesses in this sector. There are a few speculative reasons for the attraction of Silicon Roundabout to foreign entrepreneurs – Tech City’s rising profile as well as London’s time zone has helped this. Whereas some US startup companies have mentioned that the attraction is even in the more collective and community atmosphere of Silicon Roundabout as opposed to the Competitive nature of Silicon Valley. Unprecedented numbers of technology start-ups are launching in the capital as thousands of entrepreneurs – many from the US – rush to launch their businesses near Silicon Roundabout.
As noted by Christina Weguelin, acquisition surveyor at Morgan Pryce, “Desk space as well as leased space in particular the smaller suites are in short supply and high demand at the moment. Rental costs in Old Street are now quoting in the £50’s and this is pushing many companies further to Shoreditch in particular. Shoreditch is therefore seeing the rents of good quality space reach the early £40’s now.”
We expect the existing startup companies to continue to grow as well as new policies such as reduced capital gains tax, R&D tax credits as well as the patent box scheme offer small growing businesses support and benefits, whereas the Seed Enterprise Investment Scheme encourages investors to support businesses that are growing at high rates. Tech City UK is now working with the Home Office to encourage and allow startups from abroad to come to London.
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.