London woos new tech company every hour

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A tech company has been set up every hour in London since 2012, with the capital a hotbed for start-ups according to new research.

Property agent JLL said a bumper 45,000 new tech business have been launched over the last five years.

It noted many of them have migrated from the West End to the City and the East, including ‘Silicon Roundabout’ in Old Street.

The company added that for every one tech and media company that moved out of Aldgate, Clerkenwell and Shoreditch over the last three years, two new tech and media companies have moved in.

Firms to have moved to Old Street include online fashion retailer Farfetch which signed for offices at The Bower building.

Michael Davis, head of JLL’s London unlimited division said: “The occupier migration East is underpinned by the desire to be close to other pioneering companies and amenities. Fundamentally this is the part of London where the lion’s share of undergraduate and postgraduate talent now resides.”

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April 28, 2016 |
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