A recent survey conducted by YouGov has suggested that up to seventy percent of tech firms based in London are struggling to grow.
YouGov surveyed 155 tech managers in the nations capital, finding that a vast majority of them had barriers. There are a number of reasons that these small-medium enterprises (SMEs) feel this way. The first and most obvious is the cost of running a business in London. Then there’s the lack of available and qualified staff and finally a lack of high quality, affordable office space.
To put that into perspective a little, the Telegraph reports that property rents in the Shoreditch area of London rose by 46 percent last year. Shoreditch is generally known as the tech centre of the capital. The vacancy rate of the office space is said to be at just five percent.
Four in 10 SMEs said that they were missing out on new business because of these obstacles. A further six in 10 suggested that the tech hubs outside of London should be looked in to.
While we’re not talking anything on the size of some of the bigger companies in the tech industry, it’s worrying that these companies are facing such issues in what’s supposed to be a tech hub.
Source: Telegraph
