New data shows
According to new search data from Hubble, the preferred locations for SMEs in London is Clerkenwell and Soho, this replaces the previous favourite, Shoreditch.
The new data shows that from July 2016 to March 2017, both Clerkenwell (21 per cent) and Soho (24 per cent) were the most searched locations among SMEs (10+ headcount).
The number of SMEs with a bigger headcount searching for offices has increased nearly three times since the Brexit vote.
CEO and Co-founder of Hubble, Tushar Agarwal, said: “When we started Hubble in 2014, our marketplace helped small startups find affordable shared office space in Shoreditch and Tech City. Now we have more than 10,000 SMEs signed up, who have different priorities. These bigger companies want the vibrancy of a shared office space, but as Shoreditch rents rise, they’re looking at more central locations like Clerkenwell and Soho, with better transport links, similar prices, and their own creative vibe and buzz.”
“We have seen interest grow from larger companies and SMEs that would have traditionally taken on a long-term conventional lease, but are opting for a flexible option instead where they have more control over their costs and the term they commit to. This is increasingly being seen as a hedge to the uncertainty of the London economy as Brexit unfolds, and SMEs navigate new rules around business rates. It is also a characteristic of the evolution towards a more flexible commercial property market.”