With more people living east of Blackfriars’ bridge than west of it, an increasing amount of regeneration schemes and major global companies moving eastwards, East London is truly in the ascendancy.
Already renowned for its cultural diversity and its highly fashionable residents, it is becoming a commercial and residential powerhouse within the capital.
Aldgate, Old Street, Stratford and Canary Wharf have all undergone dramatic changes in recent years and are now being considered as a great commercial option for international companies.
John Garwood, company secretary of the Canary Wharf Group explains why this is: “What we are seeing is a second phase of growth in East London, underpinned by vast investment in a new wave of infrastructure”.
This ‘new wave’ includes the phenomenal success of the Overground as well as new tube stations and the impending arrival of Crossrail, which make the East more accessible and thus more attractive to both businesses and residents than ever before.
Old Street’s Tech City has seen huge growth over the last couple of years. Around 5000 companies are now located there, a huge leap from the 85 which called tech city home in 2010. Research by CBI/KPMG London Business surveys suggests that over two thirds of businesses believe tech companies are the key to London’s economic recovery.
Even Stratford, which until the Olympics was regarded by many as a no-go area, is now being touted as a “London’s third financial business centre” by Jo Valentine, Chief Executive of London First.
The east has definitely risen, the question is how high can it go.