December 2014 – London Office Buzz

Focus on Business in Camden

Posted on December 15, 2014

When it comes to London boroughs that are known for their artistic value, Camden reigns supreme. Around 10,000 members of the Camden population are employed within the Creative and Cultural Industries (CCIs), which is one of the dominant industries in the borough. While it’s well known for its CCIs, Camden continues the tradition of small and large markets. Over 25,000 businesses and 240,000 jobs exist within Camden, which means it’s the second best borough in London in terms of existing businesses and employment prospects.

Industries that Dominate Camden’s Business Activities

While Camden is well known for its CCI activities, the most dominant businesses are service firms. This includes solicitors and other legal practices, accountants, and bookkeepers. Service firms account for around 37% of Camden’s employment and it’s thought that this is due to its close proximity to the city centre and excellent transport links. The majority of these businesses are concentrated in the south of the borough, which is part of London’s central business activity zone.

CCIs account for around 37,000 jobs in Camden, which includes advertising, marketing, and publishing. While these industries have seen a decline throughout the UK and London during the recession, it’s expected that they’ll experience growth in Camden in the near future.

Camden’s Biggest Employers

University College London (UCL) is the largest employer in Camden, and is one of the largest employers in Central London. With over 10,000 staff and a litany of students, it make a significant contribution to the local economy, features one of the UK’s best medical schools, and is known for its academic excellence worldwide. Continue reading “Focus on Business in Camden” →

London’s Commercial Property Market 2014: The Year in Review

Posted on December 9, 2014

As 2014 draws to an end, we can safely say that the London commercial property market has laid out the foundations for continued growth. Take a look at the latest developments that have taken place in the commercial property market across the UK’s capital city. But first, let’s get started with a synopsis of the year so far.

London’s commercial property market: the year in review

Overall, this year has been marked by steady growth and increasing optimism among both investors and occupiers. According to research carried out by M&G Real Estate, this upward trend can be attributed to two main factors. Firstly, the labour market has become stronger over the past 12 months. In November 2014, the unemployment rate reached a five-year low of 7.1 per cent. This fact has had a positive effect on the property market, especially in the retail sub-sector.

Secondly, there is the widespread belief that economic risks have decreased substantially in many Eurozone countries. As a result, commercial property rents have stabilised, and in some areas of London commercial rental values have even begun to grow. From an occupier perspective, changes in risk perception have also meant that firms in the financial, banking, insurance, and ICT sectors are now ready to extend their leases or to move on to larger premises.

Towards the end of 2013, market analysts predicted that rental growth values across all commercial sub-sectors would average 2.1 per cent. The predicted growth rates have been largely surpassed in the office property market, especially in areas like Midtown, where office rents have increased by nearly 6 per cent. In addition, the London office market has also seen the revival of the so-called fringe locations, where the demand for refurbished office floorspace has been steadily increasing. Continue reading “London’s Commercial Property Market 2014: The Year in Review” →

Focus on Business in Shoreditch

Posted on December 3, 2014

Located in London’s East End, Shoreditch is found within the borders of the London Borough of Hackney. Sitting in the heard of Central London’s modern core, the area is synonymous with the capital’s thriving technology industry. Many of the UK’s more innovative start-up technology companies are based in Shoreditch, alongside the world’s leading technology and financial companies. The area is a major player in the UK’s £72 billion technology sector.

Shoreditch’s Evolution

The early history of Shoredtich was centred on theatre. The area was home to England’s first playhouses. The Theatre was built in 1576 and was the stage for some of William Shakespeare’s plays. Another early theatre, Curtain Theatre, also hosted Shakespeare’s work steps from The Theatre. In 1599, Shakespeare’s Company relocated The Theatre to Southwark and built The Globe. Silk weavers and traders moved into the area during the 17th century and established the area as a textile centre. By the 19th century, Shoredtich also had a thriving furniture industry.

During the late 19th century, industrial Shoreditch experienced a decline in its traditional textile and furniture industries. Once part of Middlesex, Shoreditch became part of the newly established County of London in 1889. In 1899, the Metropolitan Borough of Shoreditch was created and included the districts of Shoreditch, Hoxton and Haggerston. Bombings during the Second World War destroyed much of the area’s housing stock, further contributing to Shoreditch’s economic decline. Much of the area was the focus of heavy redevelopment following the war. In 1965, Shoreditch was absorbed by the London Borough of Hackney.

Since the mid-1990s, Shoreditch has been an increasingly popular and fashionable area of London along with nearby Hoxton. Old Street and Curtain Road are known for their pubs and clubs, as well as a number of theatre and music venues that rival the West End. Shoreditch also has a large number of bars, restaurants and art galleries. Once a working class district, the area has been the subject of gentrification over the past twenty years. This has seen a steady increase in land and property values. Many former industrial buildings have been converted into flats and commercial spaces, particularly offices. The new Hackney Community College campus in Shoreditch is also aiding in the area’s transformation. Continue reading “Focus on Business in Shoreditch” →