Tech and media demand for office space soars in the City

Kasmira Jefford
Follow Kasmira
TECHNOLOGY, media and telecoms (TMT) firms are piling into the City office market and taking up some of the slack left by a downsizing of financial services companies.

Research by property experts Colliers International shows in 2012 TMT firms accounted for 30 per cent of take-up in the City market and 26 per cent in 2011, with companies such as Expedia, Skype and Mind Candy moving to areas such as Farringdon and Clerkenwell. That compares to just 12 per cent in 2010 and 10 per cent in 2009.

Simon Crotty, head of city office at Colliers International said: “With take-up of the number of financial services offices in the City significantly down year on year, businesses in the technology and media sector are helping to fill the void, with 835,232 square feet taken during 2012.”