They were often created by people who’d lost their jobs as a result of the crisis or who decided that - with the market disrupted - it was the right time to strike out on their own. In the intervening decade, many of these start-ups have evolved into flourishing SMEs which contribute to the diversity of the City.
Our latest London City Occupier Insights report shows that - despite the perception that the City is dominated by ‘big beasts’ - more than 90% of its occupiers are actually classified as SMEs. This means that around 25m sq ft - about 50% of the Square Mile’s entire office stock - is leased by companies occupying 50,000 sq ft or less.
With major banks having been redeploying staff to the regions for a number of years, the occupier profile continues to broaden. Media & Tech businesses which have not been traditionally associated with the City have increased their presence in the location by 300% in the past decade and now occupy more than 7m sq ft of offices.
SMEs and start-ups are now an important part of the market and from early indications are weathering the current storm. In the wake of the pandemic, we can also expect another crop of new businesses to add to the City’s diverse occupier base.
Small will continue to be beautiful for the City.