EURO PROPERTY
BNP PRE’s managing director of central London, Dan Bayley, says: “The growth in the significance of TMT in Europe is set to further increase. This is good news, as TMT companies step up to fill part of the gap left by financial services firms. “Interestingly, the research shows how this
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key occupier group identifies with emerging locations/satellite markets within London and Paris, as they tend to base themselves within flexible, edgy and modern office space. However, elsewhere in Europe location preference varies but it is still for buildings, particularly in Spain and Italy, that are good value and well-connected both in physical transport and telephony terms,” says Bayley. Mike Davis, a partner in central London occupier representation at Cushman & Wakefield, claims that active TMT space requirements account for 30% of named demand in the UK capital. “A lot of the larger advertising agencies are looking at reducing rooftops. For example, Omnicom has a number of places in London, and Ogilvy & Mather are looking to recentralise their operations,” says Davis. “The emerging side of tech companies is app
design and other tech companies of tomorrow. These are very much based in east London and are fast-growing. We categorise TMT into four sectors: advertising, publishing, film and television, and social media,” he says.
IN ASSOCIATION WITH “Social media tend to be smaller companies
wanting small premises. In the tech sector we have the financial technology companies [fintechs] that cluster in the City of London and Canary Wharf and want to be close to their financial clients. “They provide such things as financial trading platforms. For example, Canary Wharf is launching Level 39, a dedicated fintech incubator operation. It will include business- hosting lounges and sound boxes, where start- ups can road test new ideas.” Davis traces a migration out of the West
End to less expensive space in the northern City fringes of Farringdon, Clerkenwell and Shoreditch.
TAP TO LISTEN TO A PODCAST WITH MIKE DAVIES OF CUSHMAN & WAKEFIELD
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