Can you guess it?
BNP Paribas Real Estate has published a report that looks into the occupational requirements of media and technology businesses in London.
Apparently locations beginning with ‘S’ seem to be most popular – Southbank, Shoreditch, Soho, Seven Dials, Smithfields and the Square Mile.
The report also predicts that Media Tech will create 28,000 jobs in London by 2017 and up to 2.8 million sq ft of new office space (the equivalent of nine new Aldgate Towers) is required to accommodate projected growth.
Four main recommendations for landlords and developers from BNP Paribas Real Estate:
1. Target the Media Tech sector, it will continue to be the dominant sector in London over the next three years. There is an opportunity to develop new schemes aimed at this sector
2. Landlords with Media Tech tenants in existing buildings need to engage with existing Media Tech occupiers to find out what they want to avoid them breaking their leases and moving (eg better fibre connectivity, more interesting common areas)
3. Those delivering new or refurbishment schemes should consider leaving them as “shell and floor” as Media Tech companies are 50:50 split between what kind of ceilings they prefer. This approach allows the delivery of a more bespoke fit out
4. Not all Media Tech occupiers want to pay the higher rents now found in central London. Over 1/3 have expectations which are out of kilter with today’s rental levels. Developers should embrace commercial elements in mixed use schemes in emerging locations like Dalston, Hackney and Vauxhall that deliver lower cost offices in order to target some elements of the Media Tech sector — particularly small to medium-sized enterprises.
BNP Paribas Real Estate is the leading adviser for the UK media tech sector having recently represented News Corporation, Reed Elsevier and Angry Birds as well as being involved in recent Google and Amazon deals and is currently advising on a number of other media tech requirements.
Read the full report here.
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