Business is booming in London, with the number of new start-ups growing by nearly a quarter in the past year. According to data taken from registrations with Companies House, the total number of new businesses registered in the last 12 months was 593, 562, compared to 490,479 in the previous 12 months.
The 21% year-on-year growth in start-ups has mainly been driven by technology firms (up 200%) and creative services agencies. But it’s not just the firms that cluster around Silicon Roundabout that have seen such significant increases; the retail industry has also seen huge growth, with the wholesale of textiles growing 170% YOY.
Tim Rodber, CEO of Instant Offices, said, “Since the start of the New Year we have seen considerable demand for office space across the UK, but space requirement has really accelerated post-election.
The diversity of the firms behind this increase in demand is interesting, but what is really telling is that the technology and creative services industries are driving growth in the Capital and producing space requirements outside traditional business locations.
Areas such as Southwark and the City Fringe are benefiting from this demand as start-ups weigh up the need to reduce costs but also attract the best staff to a desirable work space.”
Read more of what Tim had to say about London’s growing business community in his latest blog post ‘THE UK’s SMEs are Alive and Kicking and Driving Growth This Year.’
See below for a comparison of the different industries and their growth over the last year.
Thinking of starting your own business in the Capital? Browse available office space in London online or contact one of our specialist local consultants for advice.
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