Wednesday 18 December 2019 1:13 pm

Fintech boom sends central London office take-up soaring

Central London office take-up surged last month, driven by growth in the capital’s fintech sector.

Take-up increased 31 per cent to 900,000 sq ft between October and November, while the year on year jump was five per cent. 

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The banking and finance industry led the increase, and was responsible for 31 per cent of take-up in November, due to the booming fintech sector in the capital.

London has frequently been named as a global fintech hub, and in September this year overtook New York to become the world’s number one city for investments in fintech firms. 

The largest deal of the month saw fintech challenger bank Monzo move into a 120,000 sq ft space at Broadwalk House in Broadgate. 

The creative industries represented 19 per cent of the total take-up in November. 

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Kevin McCauley, head of UK commercial research at CBRE, said: “Consistent growth in the Fintech sector has been a notable feature in the London economy over the past few years, which has converted into a surge of office take-up in the last month.

“Overall demand remains strong, with an evidently healthy appetite for central London office space characterising the end of the year.”

Main image credit: Getty