City of London office demand remains strong among SMEs
CITY OF LONDON OFFICE DEMAND REMAINS STRONG AMONG SMES, SAYS LEADING ONLINE PROPERTY SEARCH PLATFORM
Demand for office space in the City of London has remained consistently high over the end of 2016 and the beginning of 2017, according to data from analysts at Hubble, a leading online property search platform.
Searches for the City of London and its borders consistently make up between 15% and 25% of traffic on the Hubble website, and during January 2017 there were over 3,000 searches where users specified the City and its immediate fringes as the location in which they were looking for space.
Tushar Agarwal, Co-Founder & CEO of Hubble said:
"Our search data shows that despite the Brexit vote, the demand for office space among SMEs in London has stayed consistent, signalling the continued attractiveness of London as a place to do business. The City remains as popular as ever, commanding between 15 to 25% of all searches across Greater London.
“In recent years we have noticed a diversifying mix of occupiers in the City, with an increasing number of technology firms such as Amazon looking to take space in the City as they grow. There is particular interest from FinTech firms, which are drawn by the proximity the City offers to a uniquely high number of potential funders."
Simon McGinn, City Property Advisory Team Manager at the City of London Corporation, said:
“Everybody knows that the City is the location of choice for large international firms, but it’s not so well known that, at the last count, 98.7% of businesses in the City of London are SMEs. 80% of these are microbusinesses with fewer than 10 employees.
“Entrepreneurs and start-ups are looking to locate to places where there is an eco-system of complementary businesses of a variety of scales. Strong interest from SMEs eager to find customers and investment is one indicator of the wider health of cities. This data reinforces the view that the Square Mile is the preeminent global business centre: a connected, diverse and exciting place where culture, big business, finance and ideas meet.”
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Notes to Editors
The City of London will launch two reports revealing the diversity and breadth of business activity that goes on in the Square Mile at MIPIM 2017, which takes place from March 14-16 in Cannes, France.
The coffeehouses of London were the birthplace of modern business and some of the institutions founded in them, such as Lloyds of London, remain leading international companies. The City of London: The original co-working space will look at how and why London’s Square Mile remains as resilient and adaptable as ever, showing that the City of London is a connected, diverse and exciting place where culture, big business, finance and ideas meet to create a dynamic business environment where 98.7 % of firms are SMEs.
The City of London Corporation and the City Property Association will also launch a new research report, Tech X the City: Assessing and accelerating the impact of the tech sector in the Square Mile at MIPIM. Completed by Cushman & Wakefield, the report will impact that tech is having on the City and will assess the ways in which the property market must adapt and respond to the changing needs of this new type of occupier. The Tech X The City report will launched at a seminar to be held at 11.00am in Auditorium K on Thursday 16th March
About the City of London Corporation
The City of London Corporation provides local government and policing services for the financial and commercial heart of Britain, the 'Square Mile'. In addition, the City Corporation has three roles:
We support London’s communities by working in partnership with neighbouring boroughs on economic regeneration, education and skills. In addition, the City of London Corporation’s charitable funder, City Bridge Trust, makes grants of around £20 million annually to tackle disadvantage across London.
We also help look after key London heritage and green spaces including Tower Bridge, the Museum of London, Barbican Arts Centre, City gardens, Hampstead Heath, Epping Forest, Burnham Beeches, and important commons in London.
We also support and promote the ‘City’ as a world-leading financial and business hub, with outward and inward business delegations, high-profile civic events and research-driven policies, all reflecting a long-term approach.
See www.cityoflondon.gov.uk for more details.
Hubble is an online marketplace to match those looking to rent office space with those who have it. The Platform’s focus is on co-working, shared offices and private serviced offices within specific hubs in London that are perfect for start-ups.
www.hubblehq.com | @Hubble
Notes on the data:
The HubbleHQ website ranks number one for organic google searches for "office space london" - a keyword which is searched approx 10,000 - 20,000 times per month. Hubble is confident that its search volume is representative of market sentiment and captures most if not all of the people that are searching online for office space.
The broader definition of the City and its fringes is down to several factors, including the use of postcodes and local place names. The Hubble search product is updated every few months, which means that the way users search for locations has evolved from month to month.
Despite these changes, the fact that overall search volume has stayed relatively consistent and searches for "The City" relative to searches for other parts of London have stayed consistently at the 15 - 25% mark means that Hubble is confident in its analysis that demand for office space in this location has remained consistent following the EU referendum in June 2016.