EURO TMT PROPERTY +
EUROPE’S GROWING TMT SECTOR COULD BE HELPING TO FILL THE GAP LEFT BY FINANCIAL SERVICESS
BY DAVID SANDS
The technology, media and telecommunications sector (TMT) is now the “tour de force” in European occupational markets, says Urban Land Institute and PwC in their annual Emerging Trends report published jointly this month. The sector’s growth is fuelled by demand for
computer equipment, online remote access, and cloud computing with smartphones, laptops, and web-based services becoming necessities, not luxuries, for consumers and businesses. The report says that tech-based businesses are operating in a virtual world away from the global economic slowdown. “These firms are demanding a fundamentally different kind of office space than that sought by finance and banking. While they want the best backup power and internet speeds, they also want more creative spaces.”
“The ‘digerati’ or cyber-elite – with their casual
work wear, ethical values, and long-hours culture – want holistic environments, not ‘glass boxes’. They want spaces that allow for spontaneous interaction, or for people to work away from their desks.” The office sector is on the precipice of an
entirely new era, say respondents to the report’s questions. “Media companies don’t like office buildings to be too over-specified. They look for buildings with variety that allows for socialising, quirky meeting spaces, and an interesting public realm,” according to the ULI/PwC report. BNP Paribas Real Estate agrees that TMT
companies will become one of the leading and most active occupier groups across Europe. In London, during the first three quarters of last year, the sector occupied 28% of the market, securing more than 164,433 m2
, says the firm. FACINGTHE
IN ASSOCIATION WITH
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