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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” →

London Office Space Website Relaunch

Posted on November 13, 2014

We are very excited to announce that today the LondonOfficeSpace.com website relaunched with an entirely new look and feel.

Marketing Manager, Kate Aird, said, “London remains one of the most popular cities in the world for companies of all sizes and types, and the LondonOfficeSpace.com site fills a vital role in helping people find the right space to establish a new business or grow an existing one.

Continue reading “London Office Space Website Relaunch” →

Focus on Business in Canary Wharf

Posted on November 13, 2014

Known worldwide for the important role it plays in London’s Central Business District, Canary Wharf is one of the UK’s financial hubs. Although it has a reputation for being home to stockbrokers, insurance firms, and other financial magnates, you will also find an array of retail giants and leisure firms there.

The Main Types of Businesses in Canary Wharf

From accountants and stockbrokers through to architects and designers, Canary Wharf certainly isn’t short on professional talent. It forms a significant part of London’s service industry, with investment firms appearing to reign supreme amongst all the others. With between 25,000 to 75,000 financial jobs per square mile in the area, it’s clear that Canary Wharf’s monetary reputation is accurate and well deserved.

In addition to investment firms, a significant proportion of the world’s industrial insurance is brokered in Canary Wharf. Alongside the City of London, this area accounts for 183,000 members of staff in the financial sector. As London is seen as a key investment centre worldwide, it attracts some of the globe’s greatest banking talents. With plans for 3,000 new homes in Canary Wharf and Tower Hamlets, it seems as though business is expected to grow.

As anybody with a keen interest in the area may already know, Canary Wharf was born after the closing of the India trading docks in the 1980s. While it has seen significant progress in terms of jobs and investment opportunities, the government is always looking for ways to enhance this. Another plan in the works is a high-speed rail link called the Crossrail, which is due for completion in 2018. This, plus an increasing number of jobs in the area, means that property development is also set to flourish. Continue reading “Focus on Business in Canary Wharf” →

Focus on Business in Westminster

Posted on October 31, 2014

Although Westminster is best known for its political affiliations, it is actually home to more enterprises and employees than any other borough in London. With part of the borough covering the world-famous West End, it is known globally for its contribution to the UK’s retail sector. Creative industries and knowledge economy are also big in Westminster, including the presence of the BBC’s main building.

The Biggest Industries in Westminster

Whereas most boroughs in London feature between 5,000 and 12,000 enterprises, Westminster is home to more than 46,000. Since the economic recession of 2008, Westminster has lost 2.8% of its enterprises. However, the retail industry continues to thrive there, with people around the world seeing this part of London as an excellent shopping destination.

One of the most significant employers in Westminster continues to be public administration and defence. Although they only share 40 enterprises between them, they employ over 50,000 people, primarily within large government departments that can be found at parliament, Whitehall, and other such buildings.

In addition to public administration and defence, Westminster is home to 70,000 employees working in the food and accommodation sectors. Owing to its popularity as a destination for tourists with a strong interest in shopping and its central location to key tourist attractions, Westminster features an abundance of hotels. The nighttime economy in Westminster is strong, as there is a considerable number of bars, clubs, and pubs present. In fact, tourism expenditure in Westminster accounts for around 15% of London’s tourism economy.

Around 85 percent of Westminster’s enterprises feature less than 10 employees, which is higher than the London average. This shows that it is a place where small businesses can happily thrive, although the cost of running a business there tests whether the majority of small businesses can manage this.

The Biggest Employer’s in Westminster

With 7 of the global 500 being based in Westminster, it’s clear that the borough is an attractive base for large businesses too. There is a significant media presence within the borough. Not only will you find the BBC’s headquarters there, you’ll also come across Pearson PLC and the Penguin Group, The Economist, and Kingfisher PLC. Travel and tourism giants include Easy Group, Korean Air, and Iraq Airways. Oil magnates also appear to be attracted to the area, with BP and Gulf Oil both having head offices there. Finally, there are brands that cater to the tastes of those who love delicate food, including Marks and Spencer and Pre-a-Manger. Continue reading “Focus on Business in Westminster” →

Focus on Business in the City of London

Posted on October 16, 2014

Within the square mile that makes up the City of London, there are more than 14,000 businesses. Fortunately the city’s landscape reaches high, otherwise there wouldn’t be much more room for budding entrepreneurs.

Known worldwide for being a hub of financial activity, the City of London is home to some of the world’s biggest accountancy firms, banks, and investors. Amongst the financial moguls you’ll find the occasional law firm, tech ventures like Google, and telecommunications outfits like Three. Competition for rental space is fierce, and the City of London’s local government does expect businesses to commit to sustainable practice. Knowing a little more about this area in general can help you determine whether it’s the right place to invest.

The City of London’s Financial Sector

The City of London is also known as the “Square mile”, and when investors worldwide hear that phrase, they know people are referring to the UK’s financial hub. There, you will find traditional banks and insurance agencies, including international branches like the Bank of America and the Bank of Canada. Foreign exchange businesses also thrive in the City of London, with a turnover of around 0.73 trillion alone.

Sitting at the heart of all this financial activity is the London Stock Exchange, which has been in existence since 1801. Alongside the heavily regulated London Stock Exchange is the alternative investment market, which exists for those who do not have the usual connections for traditional investing. It’s less well regulated, but it does open the financial floor up to a broader range of investors.

Although the finance industry dominates the City of London’s business activities, you will find the odd non-financial venture. This includes Google, which is home to one of London’s most innovative offices with hundreds of employees. Finally, there’s Three, which is a relative newcomer to the telecommunications industry, but is one that continues to grow stronger on a daily basis. Continue reading “Focus on Business in the City of London” →

How the Shopping and Retail Industry Boosts London’s Economy

Posted on October 10, 2014

In 2013, major international brands from around the world gave London’s economy a boost by bringing a total of 31 new stores to the city. From the acclaimed American clothing store J Crew to luxury brand Tom Ford, each one placed its mark on the capital of England for the first time. After what has seemed like an endlessly tense economic recovery, the introduction of these stores to the capital has proved to bring good news. As of May 2014, London held the title of being the ‘World’s most popular city for international retailers’, making it a go-to shopping destination for people across the globe.

London Knocking Dubai from the Hot Shopping Top Spot

With approximately 57% of the world’s major international brands now owning stores in London, the city is ahead of Dubai, New York, Paris, and Shanghai, all of which have enviable shopping reputations of their own. To complement its reputation for shopping prestige, London carries a cosmopolitan vibe, which appeals to young and rich fashion lovers looking to make the most of their cash in an environment that’s enjoyable. Worldwide, Regent Street and Westfield are now well-known amongst the globe’s shopping elite. Eric Eastman of CBRE has since noted that London now attracts more international visitors than any other city in the world, with a considerable number of them coming from China.

Thanks to more major brands investing in the city, areas outside of the main shopping hubs are now attracting investment. This has seen some of Covent Garden’s boutique shopping spaces give way to bigger brands, which are beginning to fight for space within the city. Continue reading “How the Shopping and Retail Industry Boosts London’s Economy” →

Housing for London Employees

Posted on September 26, 2014

Compared to the rest of the UK, London has seen significant rises in house prices since the beginning of the recession. With the average home in the capital costing a painful £530,000 in 2014, many employees living in London are finding the property market is difficult to manage. Such steep rises are also reflected in rental prices, leading to a growing number of city workers commuting from outside areas, or living with their colleagues.

The Rising Cost of Housing in London

Between the start of 2014 and May 2014, housing prices in London rose by more than £87,000. The Bank of England’s governor, Mark Carney, has stated that there are deep structural problems within the city’s housing market, and that an absence of new builds may exacerbate the issue. Continue reading “Housing for London Employees” →

Famous London Landmark Buildings Being Used as Offices

Posted on September 12, 2014

When it comes to working in the city, life is rarely dull. From the constantly busy atmosphere through to working locations, London’s business sector is an exciting place for workers of all ages to be. In recent years, more and more companies have begun using famous landmarks as their office buildings of choice. For those who work in them, going to work comes with the simple pleasure of sitting in a building with historic significance, day after day.

The Batman Building in Clerkenwell
Sat in the heart of Clerkenwell is a building known as ‘The Batman Building’. In addition to finding fame for its role in Gotham City, this mid-19th-century glass and leadworks outfit is owned by the Farmiloe family, which was the original family to commission it. In addition to featuring in Batman, it has been snapped up by the producers of Inception and Sherlock Holmes.

Although this Clerkenwell building has continued to be popular amongst movie directors, the owners have since chosen to turn it into offices, targeting multinational corporations like Amazon. While those working for everyday small and medium businesses might not get a look in, the lucky few who do work for multinational corporations in the area may find themselves travelling to Gotham City on a daily basis for their 9 to 5 job.

The Gherkin
To the rest of the UK the Gherkin is well-known for its role in the business world. When it comes to visitors, however, it is a towering landmark that they’ll forever associate with London’s skyline. As a commercial skyscraper that sits in the heart of London’s financial district, the Gherkin is home to hundreds of city workers, who spend most of their days and weeks toying with the financial market from within its glass walls.

For those who don’t work in the city, the Gherkin presents an excellent opportunity to grab a bite to eat. At the top there is a restaurant, which offers one of the city’s best panoramic views. Those who walk into to play with the stock market may benefit from its luxurious surroundings on a daily basis, but everyday people can enjoy the views without so many city stresses. Continue reading “Famous London Landmark Buildings Being Used as Offices” →