London may be a popular destination for IT firms looking for office space to rent. According to analysis conducted by ReThink Recruitment, the city has increased its share of the IT jobs market beyond pre-credit crunch levels.
Take-up of office space in London by companies like this is strong, with the capital now accounting for over 40 per cent of all new IT jobs being created, it found. This compared with 33.8 per cent in June 2008.
Meanwhile, the rest of the south-east of England has lost market share and now accounts for 22.5 per cent of all new IT jobs. This is down from 23.8 per cent in June 2008.
According to ReThink, demand for IT skills in some areas of finance has increased and this has contributed to the high number of IT roles being created in the capital. Also, internet giant Google has expanded its site in east London.
In addition, the area around Old Street, which is referred to as Silicon Roundabout, now has around 500 technology firms and is said to contribute around £66.4 billion to the British economy each year.
Director of ReThink Michael Bennett said: IT departments in the City saw job cuts during the banking crisis but, compared with other business functions, IT has been relatively insulated. Hiring, particularly in insurers and boutique firms, has been quite buoyant since then.
The bottom has fallen out of the public sector IT jobs market, but the emergence of London as a tech hub has provided some ballast.
When IT firms are on the lookout for new office space to rent in the UK, they have plenty of options to choose from. As well as office space in London, there are many other cities for bosses to consider and where they choose to base themselves depends on a whole range of factors.
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