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Building space for the Knowledge and Creative Economy: how different is it?

Building space for the Knowledge and Creative Economy: how different is it?. Mark Kleinman Director - Economic and Business Policy Greater London Authority EXPO REAL, Munich Monday 7 th October 2013. Responding to Demand. PREDICTED TMT GROWTH.

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Building space for the Knowledge and Creative Economy: how different is it?

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  1. Building space for the Knowledge and Creative Economy: how different is it? Mark Kleinman Director - Economic and Business Policy Greater London Authority EXPO REAL, Munich Monday 7th October 2013

  2. Responding to Demand PREDICTED TMT GROWTH • Technology, Media, Telecommunications companies now outpace financial firms in office space. • In 2013 TMT acquired 869,000 sq ft of office, compared to 513,000 sq ft taken by financial firms. • TMT set to acquire 1.6m sq ft of office space in the City by the end of the year (Knight Frank, 2013) • Forecasting TMT to acquire 1.8m sa ft of City office space in 2014 • Major TMT property deals in 2013 in London include; • Amazon at Sixty London, Holborn Viaduct (212,000 sq ft) • Publicis at 40 Chancery Lane (96,000 sq ft) and Turnmills (58,000 sq ft) • FTI Consulting at 200 Aldersgate Street (91,000 sq ft) • Salesforce.com (13,500 sq ft) at the Heron Tower

  3. Key partners • Working with: • Members of the cluster – Need to understand the innovation ‘ecosystem’. We’ve done this through Tech City UK. • Investors – Understand what would draw them to the area. • Business support infrastructure – Identifying gaps such as broadband and co-working space and encourage the market to respond • HEIs – encourage partnership with firms and a coordinated response to demand (from skills supply to incubation) • National Government • Local Councils and Residents

  4. Where to make space • Areas of economic activity for the knowledge economy change quickly. • Tech City, and the City fringe area is a prime example. • These areas can also fall across a number of traditional ‘boundaries’ making planning processes difficult.

  5. Case Study: Tea Building • Refurbishment began in 2001 • Refurbished incrementally, primarily by AHMM • Building has adapted from housing fewer large firms to more smaller ones • Two key tenants (Mother and Shoreditch House) have attracted young creative firms • Green Tea Programme, begun in 2010 to upgrade environmental credentials

  6. Case Study: Google • Google consolidating its multiple London offices into one HQ in Kings Cross • Currently employs 2,000 but office accommodates 4,500 •  £650million project • To be completed in 2016 • Expected to draw other technology companies to King's Cross - including startups

  7. What we want to achieve • Attracting high skilled individuals • Giving businesses as much growth opportunity as possible • Co-working spaces • Affordable office space • Promoting the area to attract the wider UK knowledge economy and international knowledge economy • Improve connections with the local community to ensure benefits of growth are shared • Ecosystems need diversity – of sectors, firm size, human capital

  8. Thank you • Mark Kleinman • Director – Economic and Business Policy • Greater London Authority

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