Recent research by UHY Hacker Younger has listed Islington as the UK hotspot for new startups after creating 18,590 new businesses in 2019.
It appears from recent figures by accountancy practice UHY, that startups and high-growth businesses are turning to north London’s Islington as a cheaper alternative to the Silicon Roundabout, a popular tech hub in North-East London.
Where is Islington?
Islington is a trendy, northern area of Central London that overlaps with parts of the Kings Cross redevelopment, Dalston and the fringe of the city in Clerkenwell.
What about Old Street or Shoreditch?
Old Street’s ‘Silicon Roundabout’ or Shoreditch was pipped to the post this year and placed second creating 15,390 new startup businesses. Old Street has become one the Europe’s leading and most popular high-growth hubs housing Google’s Campus for startups and businesses such as Seedrs and Transferwise.
The Silicon Roundabout has attracted names like Microsoft and Google as well as digital startups and VC companies. This rapid rise in popularity has meant the demand for quality office space in the areas has outgrown the supply. A number of years ago the low meant the areas was super attractive, this now is pushing startups and high-growth companies to neighbouring areas such as Islington.
The area has grown significantly in recent months with businesses like Ogury and Automata moving to the area. Islington has some of London’s coolest new leased office space and operators like Uncommon and Spaces have created amazing co working and flexible office spaces.
Leased office space in the area goes for around £65 ft² and serviced office rates around between £550 to £700 per desk for a private office.