Technology companies are acquiring more central London office space than any other sector, it has been revealed.
According to data from King Sturge, firms in the technology, media and telecoms (TMT) sector made up almost a quarter (23 per cent) of office rental agreements in the West End.
In second place overall for rental acquisitions were financial firms with 14 per cent, according to the Telegraph.
The findings mark a sea change in the market and mean that TMT firms are responsible for more take up of offices in the area than financials for the first time since 2000, when the dotcom boom at its peak.
Catherine Jones, head of West End office research at King Sturge, said: “TMT is one of the few business sectors to have seen genuine expansion, and demand is such that occupiers are looking beyond the traditional boundaries of Soho into the wider West End market.
“This is also being driven by the availability of large, newly developed grade A space offering more attractive rental terms than the prime rents seen in the core of the West End. Furthermore, many of these new buildings, with large floor plates, are often efficient ‘cost in use’ for their occupants.”
News of developments comes amid speculation that some of the world’s largest technology firms are currently seeking to rent London office space. These include Twitter, Facebook and Google.