London has topped a ranking as EMEA’s largest technology cluster, according to research from real estate adviser CBRE.
The report, entitled EMEA Tech Cities: Opportunities in Technology Hotspots, shows that London, which saw off the likes of Paris, Madrid and Rome, achieved the top position partly due to its ability to attract young millennial talent.
The analysis of capital cities and business centres with more than 70,000 people in tech employment, aims to provide a framework for occupiers and investors to assess the characteristics of technology clusters in economic, leasing and employment terms at regional and city level.
London’s overall employment in the Information and Communications Technology (ICT) sector has grown by 20 per cent since 2008, with its proportion of ICT employment at almost two and a half times the EU average.
Richard Holberton, Head of EMEA occupier research at CBRE says: “Talent perspectives are changing, with millennial workers accustomed to taking risks and often not aspiring to work for large brands. Start-ups, where they can take ownership of a product or activity, is where they turn to for advancement.”
Aimed at providing a framework for occupiers and investors to assess the characteristics of technology clusters in economic, leasing and employment terms at regional and city level, the analysis identifies four separate categories of technology cluster in the EMEA region, based on a city’s level, concentration and growth of tech sector employment.
Kevin McCauley, Head of London research at CBRE comments: “It is no surprise that London has topped the EMEA tech ranking. London’s tech credentials enable it to out-shine its peers, with both large and small tech occupiers expanding and looking to secure space in the City.”
Image: EMEA Tech Cities: Opportunities in Technology Hotspots revealed, CBRE Group, Inc.
Beavis Morgan – specialist advisers to the tech sector
Whilst we don’t yet know what the economic landscape will look like post Brexit, we do believe that London will continue to stand out as one of the world’s leading technology hubs.
Being centrally located within walking distance of London’s “silicon roundabout”, our business experts at Beavis Morgan specialise in working with entrepreneurial people in the tech sector, helping them set up and run their own businesses and guiding them through each stage of the process, whilst navigating the challenges and advising them in making the right decisions both now and for the future.
Whether you are a local or international investor, we are also able to review potential business targets on your behalf, as well as undertake due diligence, deal structuring, advise on efficient tax planning, and provide a comprehensive range of professional services to help you make the most of your investment.
To find out more about how we can assist, contact Steve Govey or your usual Beavis Morgan Partner.