London firms 'relocating in city'

Office design news from Morgan Lovell

Published on 15-11-2011

An increasing number of businesses are forgoing traditional trading districts in favour of more affordable office space elsewhere.

Consequently, the London business map has evolved over the years to reveal that firms are migrating to new areas of the City, as frugality becomes essential business practice.

Estate agents DeVono have drawn up a London map of business which reveals that hundreds of businesses have moved to King’s Cross and Paddington over the past couple of years.

The City, for example, is now home to scores of IT firms and is no longer solely the preserve for banking and insurance companies.

The map also reveals that a number of hedge fund and property companies are now plying their trade in the glamorous district of Mayfair.

Companies might even be able to shell out for office refurbishment and still save money by simply moving to another part of London where commercial rent prices are lower.

DeVono co-director Adam Landau added that London Bridge has become an increasingly desirable location for financial services.

He said: "It is an important extension of the City south of the river with leading legal practitioners, consultants and accountancy firms such as PwC and Ernst & Young having their headquarters there. It is seeing a massive upgrade with developments such as the Shard, which will be the tallest building in Western Europe."

Copyright Press Association 2011