The serviced apartment industry works closely with business; relocation as well as working contractually in London requires a flexible place to stay. Therefore the industry needs to know what’s happening in business and to predict trends. Clarendon believes that the leaders in business are changing.
London is one of the world’s leading cities for attracting major firms from around the globe. It means investors come and change the business landscape, pushing it forward continuously. Last week BNP Paribas Real Estate, along with Property Week, explored where investment is coming from in London, what businesses are setting up shop, what the City’s strengths are, along with their weaknesses. It examined whom the City is up against and what direction it is heading to.
It was predicted that the technology and media sector would be a major area for growth. Banking is not seen as a growth market any longer. Instead telecommunications and tech giants are setting up shop in London and will drive forward the next chapter in the city’s fortunes.
The sector is short-termed as TMT, Telecommunications, Media, Technology, and some of its major names have taken out space in London over the past twelve months. Google’s £1bn move to new headquarters in King’s Cross is the flagship development. The tech giant already has two offices in central London. Their move to King’s Cross is part of a major regeneration in the area, with the St Pancras redevelopment along with the Guardian Media Group moving there.
Google are not alone. Amazon is opening a new research centre in London – the area being referred to as Tech City in the east of the city. This part of the capital is the focus of investment from central government who are ploughing money into the digital economy. The sector generates £86bn each year and represents 11% of the UK’s GDP.
The ambition is to create a sector that can rival Silicon Valley. Even the Mayor of London, Boris Johnson, is investing in the sector with a £22m fund for small businesses and tech start-ups to support fast growing firms. Endeavouring to find the industry leaders of tomorrow, the MMC London Fund is designed to inspire and support entrepreneurs.
Investment is also being made to boost the capital’s infrastructure, making it easier for these new businesses to travel around the capital, to travel around Europe and to encourage their existing and prospective clients to do exactly the same. The Crossrail project is one of the biggest infrastructure investments into the UK ever. It’s designed to improve journey times across London, to reduce congestion and improve connections. Figures suggests that by linking more than 37 stations with more routes and more services an extra 1.5 million people will be able to commute into the capital. More people means more growth and more business.
More people is good news for those in the serviced apartment sector, like Clarendon. Growth in the industry is welcome news for London. It means more businesses moving in, more confidence and more importantly more money being made. This has a knock on effect into other sectors. As businesses are able to grow, invest in attracting new client wins they are more likely to need accommodation for those clients and also new employees. Everyone needs somewhere to stay while they are in the capital. A luxurious serviced apartment that flexibly meets your needs is ideal. Clarendon has a range of apartments across London designed to suit those who want to have their office on the doorstep or alternatively enjoy a commute and want to embrace the lifestyle of the city. Working out as being more cost-effective over a long stay, compared with a hotel, Clarendon’s serviced apartments are the ideal solution for a business that is about to expand and is set to grow.