There’s real growth occurring in a variety of London’s sectors and industries. It means the capital is being seen as a hot spot for international talent once again.
Business is booming and in nowhere is it more evident than London. The city’s Mayor, Boris Johnson, has announced that he will invest in up to £85 million in the capital’s tech industry over the next three years. Starting in January 2015 the fund, backed by venture capitalists as well as the city itself, will make an investment a week.
The support from the city is designed to build on the growth in confidence among the sector and to ensure that the tech boom taking place in the capital has plenty of space to grow. Plans have already been unveiled to regenerate the area around the Old Street roundabout which is the heart of London’s ‘Tech City’ to make it more pleasing to the eye and to increase appeal for new Tech start-ups considering the area. Alongside the start-ups, London’s tech community is also home to Google and Facebook illustrating its attractiveness to global big hitters.
Tech isn’t the only industry that’s doing well in London. Property specialist Savills has revealed that there has been a 300% increase in fashion retailers taking space in key locations in the capital. The research has noted that since 2007, the number of fashion stores on Dover Street and Albemarle Street has risen from 4 to 16. There was a strong demand during the recession to satisfy the luxury end of the market but that enthusiasm has only intensified in the past 18 months. Savills predicts that by the end of next year “fashion and gallery occupiers will account for 44% of units on both streets, up from the current 36%.
The growth across different sectors in London enables the capital’s business community to continue to expand and attract talent. Diversity in terms of industry is key. This growth is good for all corners of the capital. It means that more executives will come to the capital on business and will be seeking flexible accommodation solutions, thus adding to the already high demand for quality serviced apartments in London.
London’s profile as a world leading city to do business and pursue opportunities continues to attract overseas investment across all sectors fuelling the economy. Post-recession, confidence is returning, it’s a time for growth and everyone should celebrate London’s success.