Experts from a range of property and tech businesses came together at MIPIM on Day 3 to discuss how The City of London is and should respond to the rapidly expanding tech sector. Companies innovating in finance, insurance, property and legal services were seen to be at the epicentre of the 4th industrial revolution.
As the 3rd largest global centre for tech companies, London and The City is well positioned. In 2016, 10% of new occupiers in The City were technology companies, which is 3X higher than historical levels.
There was debate about whether the long-term nature of commercial office valuation models needed to adjust to meet the needs of the more nimble and dynamic tech sector. Connectivity issues including fast tracking 5G was also highlighted as key to attracting more innovation focused companies into The City.
The cultural aspect at street level was also seen as being critically important to tech companies. This would include the expansion of retail outlets and outdoor spaces to facilitate greater social connection and collaboration.
For more information about how digital technology is impacting the commercial office sector, please contact Jo Morris, Asset Development Director.