The younger generation cannot be blamed for their aspirations to work in the nicer parts of London. Traditionally the Square mile and the Westend have been the two main parts of London that the young an highly aspirant professionals have been flock into. Hitherto, it was simple, financial services dominated the employment scene in these two locations in London.
Changing economy and the varying degrees of international competitiveness across various sectors has had its impact on these well accepted traditional paradigms. For the first time since the dot.com crash, technology, media, and telecoms have overtaken financial services as the biggest acquirer of office space in Westend. Popularly referred as the TMT (Technology, Media & Telecoms) sector, the demand fuelled by giants such as Google, Twitter and Facebook all looking for rental space in Westend, one can safely say at the days of dominance by the financial sector in Westend has come to an end. The Square mile will continue to be dominated by the financial sector for e foreseeable future.
The other factors that have led to the TMT sector moving into Westend is the availability of several large newly developed Grade A space offering attractive rental terms and efficient cost if use for the tenants. However, the rents and long term viability have to observed with caution. In 2010, the cost to rent was about £75 per sq.ft an this was after a 14.5% gain in 2010. The increased demand is expected to push the rental prices up by 14% this year and a further 11% next year. At this rate, the cost per sq.ft in Westebd will cross the £100/sq.ft which will be the levels that prevailed in 2007, before the economy started to decline.
Kesh Thukaram, Director of Best Insurance commented that, "it is increasingly clear that financial sector can not dominate the London employment market any longer. TMT's domination is bound to stay for a long term. He added that in terms of insurance costs and insurability, most insurers are rather indifferent to sector that their customers work in and variable pricing by employment sector is virtually non- existent. However with the fast changing landcape of the economy, one cannot be indifferent to protection policies such as mortgage payment protection cover or income protection insurance. They are basic house keeping and is always a good idea when the future is uncertain,
Best Insurance has a wide range of payment protection and income protection covers and free advice that helps people make the right choices depending on their personal situations.
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