Small tech firms and start-up businesses are leaving traditional tech hotspots such as Shoreditch and Soho for working spaces in Southwark.
According to research from office and co-working space marketplace Hubble, startups and small and medium-sized enterprises (SMEs) are increasingly searching in London Bridge for flexible working space, rising from 3.7% in 2017 to 29% this year, surpassing Shoreditch with 27% of all searches. Soho's market share of office space enquiries dropped from 45.2% in 2017 to 23.5% in 2018.
Meanwhile, over 37% of searches were for office space in south London, including London Bridge and the Southbank.
Tushar Agarwal, Hubble's co-founder and CEO, said: "This data is really exciting. Where startups and SMEs previously wanted to be in established creative clusters, this shows signs of a maturing scale-up market. UK businesses are increasingly comfortable to move to newer, developing areas.
"Once dominated by the public sector, the Southbank has become a truly diverse London market attracting tech and media companies and corporates alike, including News International, Omnicom and Ogilvy. The introduction of the Crossrail and cheaper prices are likely fueling the boom."
Hubble's data is supported by a recent report by estate consultant Knight Frank's report, which named the Southbank as London's newest commercial hotspot.
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