Fintech boom drives surge in take-up of London's office space

David Prior's picture

The boom in London's fintech sector has led to a surge in office space take-up in the capital.

Take-up leaped by 31% to 900,000 sq ft between October and November, up 5% year on year.

The fintech sector was responsible for 31% of this rise, with 19% attributed to the creative industries.

Earlier this month, research by Savills and flexible office specialist Workthere showed that London now hosts over 1,000 global fintech headquarters, ahead of New York with 939 and San Francisco with 593.

The report highlighted how companies such as WorldPay, Finastra and TransferWise had chosen to base themselves in the capital.

And in the largest deal in November, fintech challenger bank Monzo took out 120,000 sq ft at Broadwalk House (pictured) in Broadgate.

Kevin McCauley, head of UK commercial research at CBRE, said: “Consistent growth in the Fintech sector has been a notable feature in the London economy over the past few years, which has converted into a surge of office take-up in the last month.

“Overall demand remains strong, with an evidently healthy appetite for central London office space characterising the end of the year.”