The city of London has become the home of a new breed of Tech Clusters, with a number of major organisations along with small digital business startups establishing themselves. London is the largest hub for tech start-ups in the world, after California’s Silicon Valley.
Facebook, with offices in Covent Garden and Carnaby Street, Google, with offices in Victoria, Apple, Nokia and Groupon are just some of the big names expanding business operations in London. Telefónica, owner of O2, has recently set up new offices in Regent Street in the heart of Central London.
Although demand for central London office space dropped by twenty seven percent in 2011, it has been reported that telecom and Information Technology companies doubled.
In addition to Old Street’s Silicon Roundabout, situated in the Shoreditch area of East London, tech clusters have also been established in Fitzrovia, South Bank, Covent Garden and Clerkenwell. More than one million square feet of office space was acquired by tech companies across London during 2010 and 2012.