As recently as last year, Shoreditch was blazing a trail as the only place to be for London-based startups looking for success. Home to the area famously dubbed Tech City, the district was a Mecca for entrepreneurs looking to make their mark on the business world.
In 2015, three Shoreditch-based companies landed billion dollar valuations – making London’s own Silicon Roundabout a force to be reckoned with on a global scale. Expedia, Twitter, AirBnb and Amazon were all staking their claim on the postcode, and it seemed as if nothing could stand in its way. So what happened?
While the district is still a hub of bright business brains, its popularity has led many ventures to start looking elsewhere. In fact, a survey by office space rental marketplace Hubble revealed that just a quarter of new startups searching for premises are doing so in Shoreditch.
So if they’re not looking there, where exactly are they looking? Surprisingly, all evidence points to Soho as the likely heir to Shoreditch’s start-up crown. Along with the neighbouring boroughs of Fitsrovia and Covent Garden, Soho is now attracting nearly a fifth of new ventures.
With its hip neighbourhood coffee shops, trendy bars for after-work drinks and plenty of options for both co-working and office rental spaces, Soho has lots to offer emerging startups looking for a vibrant, creative location that will help their business to grow in all the right directions. Away from the over-saturation of Shoreditch, new ideas have more space to incubate and develop and creativity oozes out of Soho’s streets – an environment that’s led to some exciting projects coming out of the area in recent months. And just as the City has its finance startups and Clerkenwell its designers, Soho is the place to be if you’re in the media, film, TV and creative industries – making it the ideal place for a whole host of exciting companies to set up home.
Soho has lots going for it – but this can come at a price. Now, the cost of renting an outright office in the district is just as expensive as in the city’s more-established business zones. Thankfully, some companies are offering a creative solution for those wanting a piece of the action for less.
By using a Soho virtual office, you can get all of the benefits of a base in this up-and-coming district for a fraction of the cost. You’ll get to use an exclusive Soho address on all your correspondence, and enjoy the opportunity to mingle with your fellow entrepreneurs – all without having to venture from your existing office space or bedroom!