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December 3, 2017

Know more about London’s Small Business Hotspots

In London, we have learnt that the major considerations for where a small business will like to be located are new commercial developments and transport links. There has been research conducted in the space and it has been found that the largest hotspots for SMEs in the capital city are situated near some of the busiest train stations in the city.

If you know London well, you’ll know SE1. The area is home to a wide expanse of first-rate commercial property; some of the very best in London. The SE1 area including Waterloo, London Bridge, and Southwark, turns out to be the location with the most SMEs renting serviced office space. There is a representation of nearly every sector of business, amounting to 7 per cent of all the businesses in London, 7.03 per cent to be exact. That includes IT, media, health and wellbeing, retail, recruitment, finance, not for profit and more.

SE1 is a top choice of location for many SMEs as they increasingly choose to have their businesses situated there. We can guess that one of the major attractions for businesses is the investment in The Shard and other monumental commercial properties like it. There are also the major transport hubs of London Bridge and Waterloo which are a great help when it comes to commuting.

After SE1, there is NW1 which is the second most preferred location for businesses based in London. It includes Euston and Kings Cross. NW1 boasts a proportion of 3.7 per cent of all London-based SMEs.

Like SE1, it is not difficult to see why NW1 is a popular choice. The transport connections in the area are fantastic, considering that commuters have access to King’s Cross and St Pancras International which are among the busiest train stations in the UK. There is also the easy access to Europe which NW1 provides, allowing small businesses reach the larger world via the Eurostar.

In third place, there is EC2A, that is, Liverpool Street where 3.57 per cent of small businesses in London are located. Because it is a relatively small out-code, the population density is quite high. Next is EC2M which includes Old Street and Shoreditch, racking up as much as 3.14 per cent of small businesses in the capital city. What do businesses consider when choosing a location?

For one, technology has reduced the considerations a business will have to make when deciding where it will be situated. For example, there is no need to be in a particular location to enjoy something as crucial as cloud hosting. However, there are other important factors to be considered. From the foregoing, it is clear to see that the availability of commuter-friendly transportation is important.

Another important consideration is how a business would like to be perceived by potential partners and clients. This can be considered to be just as important as amenities or transportation. When you put these together, it really does make sense that these locations are London’s SME hotspots.

The views and opinions expressed herein are the author's own, and do not necessarily reflect those of EconMatters.

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