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London tech sector sparks City building boom

London's thriving tech sector has helped drive a resurgence in building activity in the City over the past six months as developers launch a record number of schemes in areas such as Old Street. Developers kick-started work on 10 new schemes in the City in the six months from April to October, totalling 1.6m square feet, according to Deloitte. This marks the biggest number of new starts since 2011 and a huge jump on the previous six months, when there was only one. It is also the sharpest rise across all of central London, accounting for three-quarters of new space being built in the capital. Of the 10 new starts, five are located on the fringes of the City near Old Street's Silicon Roundabout and include Derwent London's White Collar Factory office building and Helical Bar's The Bower. Steve Johns, Deloitte's head of City leasing, said: 'The market is reacting positively to demand and London is at the forefront in terms of development. A lot of the space under construction has already been let, which shows a positive market. The financial sector has been dominant in terms of taking space, but going forward TMT [tech, media and telecommunications] is very important.'

 

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