Pearl & Coutts express views on the rising popularity of property in and near London's new upcoming Tech City

Commercial property agents, Pearl & Coutts comment on the rising popularity of property in and near London's new upcoming Tech City. End Quote

(1888PressRelease) January 12, 2012 - The long-standing lack of office space in London is fast becoming the biggest headache for firms heading for London's Tech City. It has been reported that although many found rents were not excessive, the problem was simply finding any suitable commercial property around the area. Companies spoke out about the problem in December, with some saying their property search had been the most time consuming start-up activity.

The Government recently launched an interactive map of the new Tech City and pledged to minimise red tape to encourage more businesses into the area. Prime Minister David Cameron wants to see the East End transforming into a technology hub to rival America's Silicon Valley. London's mayor Boris Johnson has also been quick to express public support for the area, stating that everything possible was being done to support the new technology-based economy. According to the Mayor, city data has been provided to assist development, and Wi-Fi 'hot spot' pilots should be available early on into 2012. There are now already some 600 firms in the zone, driven by the buzz as both global corporations such as Google take up premises alongside smaller technology-based start-ups.

The problem for firms is that there has been a shortage of available quality office space in London - not only in the East End - for a number of years. Hackney Council's cabinet member for Regeneration and the Olympic and Paralympic Games have promised some 'Olympic buildings' should be converted to commercial property after the Games. However, many firms didn't want to delay their plans until after the Games have been and gone. Location was also an issue for some, expressing a preference for those East End areas with a more vibrant local culture. And whilst the general mood was that rents were affordable, a number of companies said that the time taken to source suitable premises had been a major drawback for them. They had also felt that rents appeared to be increasing over time.

London-wide commercial property letting agents Pearl and Coutts have been quick to reassure firms that they have available property nearby at competitive rents.

"We certainly have access to offices and associated commercial property near to Tech City that will benefit companies looking to be close to the action. Part of our service is to match clients to an ideal property - by understanding their operational needs, we find them the right premises faster. Whichever part of London we're working in; we've always understood that businesses need a rapid but reliable response. It's not just a case of showing them 'places in the area', we always show them carefully selected properties that will really suit their needs."

To speak to the team about office space or commercial property in London near Tech City including offices, retail, parking, storage and industrial units, call 020 7843 3753. Properties can also viewed online by searching by location, size and property type at: http://www.pearl-coutts.co.uk/

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