Internet Entrepreneurs Being Priced Out Of Silicon Roundabout – Evening Standard25/04/2014
Upon reading the article regarding internet entrepreneurs being priced out of London’s Silicon Roundabout, I felt compelled to offer an alternative perspective.
Whilst it is worrying that entrepreneurs are struggling to meet increasing rent demands, it is necessary to take a step back and appreciate that whilst Silicon Roundabout may enjoy a high profile within the media, other London locations can be just as desirable. Indeed, there are a multitude of options available to start-ups and SMEs beyond this niche East End hub; locations which are more economical and often more flexible.
There is a wealth of good quality, yet empty, office space just waiting to be filled in central London and beyond. Up-and-coming areas such as Croydon, Woolwich and Stratford are of particular interest, as they are all primed and ready to breed a new generation of UK businesses. It is crucial for landlords of under-utilised assets to take advantage of the opportunity to support the growing number of UK startups and SMEs, not just in the technology sector.
Savvy entrepreneurs often shy away from long-term leases in expensive locations in order to match uncertain revenue forecasts to a flexible variable cost base. A traditional lease is an inflexible fixed cost. They understand that agility is the key to success. By offering under-utilised office space at affordable prices and with shorter, more flexible terms, we would be providing the foundation for the future of British business and supporting companies to grow and prosper at their own rate. This is just what Citibase has been successfully undertaking for the past 21 years.
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