Shoreditch: the most expensive Tech-district in World
A research revealed that Shoreditch, a neighborhood in East London is the most expensive tech district in the world. The reason behind this are the blooming tech startup in the area and the hub of venture capitalist helping them to grow. Renting per square foot of prime office in Shoreditch could be as high as USD 90.75. The area has been a hub for innovative enterprises in London.
Many startups are running from Shoreditch venturing into verticals like technology, media and telecom. Earlier, it was only banking and finance sector catering the highest cost to corporate realty sector in London. Now, Shoreditch broke this trend, making the newer verticals to break previous marks of highest realty price.
Shoreditch became a tech-hub during the second dot-com boom. Many top London based web companies had offices in the area and it grew as the new tech district. Some popular companies running from the district are Last.fm, Dopplr and Songkick. The area is also undergoing substantial changes in building architecture and real estates. The old-styled houses are being gradually replaced by high rise buildings to house companies and startups.
Being tech-startup base of London, Shoreditch is attracting more investments. Lately, JP Morgan injected its series A funding to a company based in Shoreditch. The company named AccessFintech has been raising funds for its technology platform venturing into risk management.
As renting cost has increased phenomenally in Shoreditch, the adjacent western area is experiencing more influx in recent times. This trend is being up since 2015 and it was same year when Shoreditch’s property prices heightened by 7.7%. While there are also areas like Kings Cross and Broadgate trying to steal the attention away from Shoreditch. Still, with a high price tag of office space, the district is now the most expensive tech-hub in world. However, this signify a bottleneck in London’s realty sector which is becoming more saturated than ever.