London Workspace For Creative Companies
Since the creative industries emerged as a distinct sector in the late 1990s, they have been driving economic growth and helping promote employment growth across the UK. Their impact and rise have been so vast that there is now talk of a creative economy, which is expected to create up to 1 million new jobs by 2030, and also to drive up entrepreneurship to record-high levels.
The creative sector is at its most dynamic in London, known as the largest creative hub in the United Kingdom and one of the most important at European level. In 2017, this sector employed almost 1 million people in the British capital, and accounted for more than 11 per cent of the city’s total GVA.
The importance of London’s creative sector is also reflected in the city’s real state market. This growing sector needs suitable workspace, as office space take-up figures confirm: over the past few years, demand for office space in London has largely been coming from creative firms, especially those involved in technology, communications, and media. During the first quarter of 2019, creative sub-sectors like media and tech were behind a quarter of all workspace transactions in some London sub-markets (like Mayfair and the West End), surpassing those of traditionally stronger sectors like finance and insurance.