Daily Motion, the world’s 12th largest video site, is relocating to East London’s Tech City, weeks after the French Government blocked a move by Yahoo to purchase the company.
In a move that reflects the increasing demand for EC1’s skill clustering and networking opportunities, the online video giant is sizing up potential offices around ‘Silicon Roundabout’. The relocation mirrors a recent trend observed by Shoreditch Office Space that larger, more established companies may be keen to take advantage of the technology community developing around Tech City.
The ‘start-up revolution’ in East London has resulted in some 15,000 new businesses emerging this year alone, bringing with them an influx of young talent and expertise. With attractive rental costs and an expanding community network, Tech City has seen a mushrooming of small companies scrambling to find office space in the area. But is there room for the big boys as well?
While there has been a lot of focus on Tech City nurturing young start-ups, there are signs that an increasing number of larger organisations want in on the act. The recent acquisitions of office space by Amazon and Tesco have seen their web development teams join the ‘Silicon Roundabout’ revolution. In contrast, there has been hesitancy from some big name technology companies like King.com and LinkedIn to leave the traditional West End clusters.
Tech City remains largely the playground of start-up companies, but with a string of success stories like mobile app designers Citymapper and Hail-o already emerging from the technology hub, it seems inevitable that larger organisations will be tempted to relocate and take advantage of the exciting opportunities that EC1 represents.
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