Booming fintech sector laps up London office space

Booming fintech sector laps up London office space

Office take-up in central London surged last month, driven by the booming fintech sector.

Central London office take-up in November rose by 31% on October 2019 and by five percent on the same month last year, representing almost one million square feet of new office accomodation.

Banking and finance drove much of this increase, with the sector responsible for 31% of take-up, most closely followed by the creative industries, representing 19% of the total.

The largest deal of the month saw digital bank Monzo acquire 120,000 square feet at Broadwalk House, in the City.

Kevin McCauley, CBRE, head of UK commercial research, says: “Consistent growth in the fintech sector has been a notable feature in the London economy over the past few years, which has converted into a surge of office take-up in the last month. Overall demand remains strong, with an evidently healthy appetite for central London office space characterising the end of the year.”

The rosy outlook follows fresh funding data in September, which saw London overtaking New York as the world's top location for fintech investment.

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