THE WORLD’S MOST EXPENSIVE TECHNOLOGY DISTRICT

London’s improving startup scene and the increase in the money that people invest has helped Shoreditch to become the most expensive tech district in the world, according to new research. A property agency called Knight Frank recently revealed that renting an office in the East London neighbourhood is now almost twice as costly as doing so in Brooklyn, New York. It costs around $90.75 (£67.80) per square metre to rent prime office space in Shoreditch. To compare it is $77 per square metre in San Francisco’s trendy Mid-Market District. Dublin’s Docklands secured the third spot with a price tag of $76.30. Brooklyn only made it into the eighth spot with a cost of $56.30. Shoreditch is always a centre for many of the city’s most innovative new businesses, and James Nicholson, a partner at Knight Frank, said that the latest figures show that it’s a “poster child for the growth of London’s tech-driven evolution”. “The high rents reflect how greatly tech and creative firms value having an office in the capital,” he said. Over the past six years, the technology, media and the telecom sectors, in which many startups operate, have actually overtaken banking and finance as the largest source of office demand in London. However, James Robertschief, an economist at Knight Frank, said that Brexit (the fact that England left the European Union) causes some uncertainty. “While people are debating how Brexit will affect London’s status in financial services, they overlook the impact on the developing tech sector,” he says. “To maintain its position, London will need to attract and retain the world’s best talent, and that means work visas. Support for London’s thriving tech industry should be higher on the government’s list of priorities,” he added.