The fastest rate of economic growth is happening outside of central London, according to new analysis.
Major regeneration projects and greater access to affordable office space in Brent, Hammersmith & Fulham and Wandsworth is driving up demand, according to research from by Bilfinger GVA.
The findings show that the jobs growth rate in zones two and three will outstrip that in zone one over the next 20 years. Brent is set to deliver 15,000 news jobs over the coming 10 years alone.
Prime rents in central London have increased by over seven per cent in the past year, most likely explaining why in outer London the office vacancy rate is at the lowest it’s been for eight years at around 5 per cent.
Brent Council’s Leader, Cllr Muhammed Butt said: “Brent is an ambitious borough and an emerging powerhouse of London that is perfectly placed to take pressure off an overheated Zone 1. The investment we are seeing in Wembley, home of the iconic Wembley Stadium, truly represents our vision coming to life.
“Here we are creating a well-connected environment for businesses to thrive as well as thousands of new homes and an unparalleled leisure offer. Only 12 minutes from Baker Street, it is on the frontline of the new growth opportunities in London.”
Gerry Hughes, chief executive of Bilfinger GVA, said: “The data clearly shows a rebalancing of London’s economy as jobs and growth spreads from the centre. London’s leaders should take heart from this change which can only be positive for the capital, bringing opportunities for people and businesses beyond the conventional boundaries.”