Despite recent uncertainty regarding the UK office market in the wake of the Brexit vote, new research published by London Executive Offices (LEO) has revealed that the allure of a London address remains undiminished among many UK-based entrepreneurs, with the capital city still being seen as the most prestigious location for businesses of any size.

LEO’s UK-wide survey of entrepreneurs and business executive found that 64% of respondents would choose London as their business location due to the close proximity and easy access the city offers in regards to customers. In terms of start-ups, 57% believe a London base gives such companies the greatest chance of success; furthermore, the same proportion assert that purely by being based in the capital, start-ups could achieve an annual growth rate of around 20%.

Perception is also a major motivating factor, as more than half of all respondents stated that a London office address generates substantial improvements in this regard.

Breaking it down to individual city sectors, 73% of financial companies surveyed said they would choose the well-known and established financial hubs of Bank and Canary Wharf in which to base a start-up business. Among FinTech SMEs 25% would opt to base themselves within the city centre, while 10% would instead base themselves in the vicinity of King’s Cross, which has established itself as a fast-rising tech core. 50% on the other hand would choose to better-established hubs of Shoreditch and Silicon Roundabout.

Providers of luxury goods and services continue to find a home within London’s West End, as indicated by the >55% of respondents who would select either Kensington or Chelsea as their base location. Certain peripheral areas, such as Victoria, are also growing in popularity among such companies.

Beth Hampson, commercial director at LEO, says, “This research effectively shows the true value of a London business address, and that the capital remains the preferred location in which to set up and do business in the UK, with confidence remaining high in the London office market. More than half of those surveyed believe that being based in London would create a better perception of their business.

“Start-ups, in particular, can thrive in London’s business eco-system and position as a global city, with unrivalled access to investment, customers, suppliers and skilled staff. Part of the attraction of London is the clustering of businesses in different locations, with demand for premium space to do business in London looking set to remain strong.

“Our strategy continues to focus on expanding our prime portfolio in key central London locations to meet the needs of our customers, as well as identifying new areas to target. A prime example is the newest addition to the portfolio, Nova South in Victoria, which was already 70 per cent occupied on the day of its launch by a wide variety of business sizes and sectors.”

Sam Bonson

Sam is an aspiring novelist with a passion for fantasy and crime thrillers. He is currently working as a content writer, journalist & editor as he continues to expand his horizons.
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