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Popular London Business Districts

by 31. July 2015 10:58

London is once again the most popular tourist destination in the world, with businesses to benefit from £13bn of tourist spending in 2015, according to a report from Mastercard. It is also home to hundreds of thousands of micro-businesses and start-ups, while more than half of the FTSE 100 listed companies have headquarters in central London. This all adds up to massive potential for businesses that establish or move to the capital.

However, the costs can prove too rich for some companies, especially those looking to set up in one of the five main business districts – the City, Westminster, Canary Wharf, Camden & Islington, and Lambeth & Southwark. The number of graduates, working age population, and even the cost of housing and living can vary significantly in each area, too, which means choosing the right area for an organisation is important. Do your research or use an estate agent like GVA Grimley Limited that can provide accurate information on the different areas.

East London Tech City is one of the newest business districts, but its reputation for high tech companies and the fact that it is one of the least expensive commercial areas in London means that many start-up and microbusinesses are laying their roots here.

Businesses looking for prestige and luxury, however, should look to old favourites like Mayfair. This remains one of the most expensive commercial areas in the capital, in direct contrast to the Silicon Roundabout. Average costs of setting up here are around double that, or nearly £150 per square foot, of East London Tech City, where it costs just £65 per square foot.

The City of London, or the Square Mile, is also among one of the most expensive areas to establish a business. It is home to many of the country’s largest banks, insurers, and other financial institutions, so it is highly sought after by any organisation that is involved in finance or has close ties to financial organisations. The area has become especially popular with financial technology startup companies in recent years.

Central London is another region that is experiencing growth in popularity with businesses. The likes of Google have taken root in Central St Giles, and the Oxford Street area of “Midtown” looks as though it will generate a lot of interest in coming months. Central London was once seen primarily as the district for long-established and large businesses, but this is not such a clear definition any longer. In fact, the region may be considered more a hub for start-ups than for organisations with an extensive trading history.

With so many distinct boroughs and areas in London, there are many potential office locations and ideal spots for your business start-up. Whatever the industry, whatever the role of your organisation, and however lofty your ambitions, you can find a suitable base for your business.

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Yuri Brixenmortar

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