London’s 'Silicon Roundabout' has emerged as the most expensive tech hub in the world, with rents beating those in similar areas in San Francisco, Dublin and Los Angeles.
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The average rent per square foot for office space in Shoreditch, considered the heart of London’s technology district, is £70, compared to around £59 in San Francisco’s Mid-Market area and Docklands in Dublin, where Google, Facebook and Twitter have their headquarters.
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Renting an office in Shoreditch is almost twice as expensive as in Brooklyn in New York, where the average rent was around £43 per sq ft, according to property agency Knight Frank.
Locating a business in east London is now almost as expensive as renting office space in the Square Mile, the capital’s main financial district.
Knight Frank’s analysis found that a number of European cities offer more affordable workspace for tech and creative businesses. In Berlin’s Potzdamer Platz office rents are just £31 per sq ft, while the city centre in Amsterdam, which is home to the city's burgeoning tech sector, offers office space at £26.50 per sq ft.
James Nicholson, partner at Knight Frank, said: “Whilst Shoreditch is just one submarket favoured by tech and creative firms, this submarket is the poster child for the growth of London’s tech driven evolution – the high rents reflect how greatly tech and creative firms value having an office in the capital.”
The technology, media and telecoms sector overtook finance as the largest source of office demand in London in 2011, and has held the leading position ever since.
Mr Nicholson said that technology companies were willing to pay more in order to attract and retain the best talent.
London is home to the world's most expensive technology hub
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September 27, 2017
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