Office space rent is still sky high

Image Getty	dynasoar

Image Getty dynasoar

There are many reasons why London is among the best capitals in Europe to start a new technology venture, its dozens of expert venture capital funds, a range of mentors and serial entrepreneurs, and a wealth of talented workers.

Dubai's tower rents have remained flat in the first half of this year, making them seven times cheaper than Hong Kong, the world's most expensive city for leasing offices in buildings more than 30 storeys tall.

As far back as 2015 Knight Frank highlighted a trend of digital businesses moving to the West End, since then office space in Shoreditch has risen by another 7.7% up from £65/sq ft. Dublin's Docklands secured third spot with a price tag of $76.30.

Straddling the Boroughs of Hackney and Tower Hamlets, Shoreditch has for years been a centre for numerous city's most innovative new businesses, and James Nicholson, a parent at Knight Frank, said that the latest figures show that it's a "poster child for the growth of London's tech driven evolution".

James Roberts, chief economist at the property consultancy, said that the report proved the capital's "resilience and popularity as a business location".

"While there has been much debate on how Brexit will affect London's status in financial services, the impact on the burgeoning tech sector has been overlooked", he says. "Support for London's thriving tech industry should be higher on the government's list of priorities", he added.

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