MEDIA TECH LONDON SURVEY FEBRUARY 2015 RESEARCH

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1 MEDIA TECH LONDON SURVEY FEBRUARY 2015 RESEARCH

2 CONTACTS RESEARCH 5 Aldermanbury Square London EC2V 7BP Tel.: +44 (0) Dan BAYLEY Head of Central London daniel.bayley@bnpparibas.com David HERZOG Senior Director, West End Agency david.herzog@bnpparibas.com Alistair KEMP Associate Director, Research alistair.kemp@bnpparibas.com Andrea FERRANTI Research Analyst andrea.ferranti@bnpparibas.com EXECUTIVE SUMMARY 3 YEARS +79% Growing pains The Telecoms Media & Technology sector has evolved and diversified. We think it is more apt that it now becomes Media Tech. Growing confidence Media Tech sector is much more confident in growth prospects for the next three years at 79% than in 2012 when it was 44%. Growth is led by new media. Growing apart As the sector has evolved, a marked difference has emerged between what we classify as Old School and New School media and their preferences and growth aspirations. The oldies Old School companies include publishing, media and broadcasting, telecoms, PR firms, graphic design and hardware developers. The newbies New School companies include app developers, web-based services, software developers, IT services and digital marketing agencies. Old School Old School is expecting their headcount to remain flat overall. While consolidating their floorspace, they have a more balanced preference for office space with location, local amenities, collaborative working spaces, fixed desks and office building specification all coming out as roughly equal in importance. New School New School is expected to grow their headcount. Of those companies looking to grow, over the next three years, New School is looking to increase headcount by nearly double the rate of Old School, 39% vs 21% respectively.

3 MEDIA TECH LONDON SURVEY New jobs = new floorspace? We have analysed the amount of floor space taken up by the Media Tech industry in London currently and then apply expected growth of the sector by number of people by We get a figure of almost 28,000 jobs to be added in the next three years. If we then assume 100 sq ft per person, we will get a figure of around 2.8m sq ft of new space just for the media tech industry in London by the end of See further analysis on page 8. Office of the Future The ideal Media Tech office of the future would be air-conditioned, on one single large raised floor, with fixed desks and have a hotel-style reception, not necessarily what we would have expected and significantly evolved from 2012 s more industrial warehouse, edgy space highlighting the evolution into a more mature, established sector. The biggest challenge for owners is that roughly 50% want suspended ceilings and 50% exposed services. You can t have both. Bolt me down A surprising finding with regards to office requirements was the overwhelming lean towards fixed desks both for Old School and New School media. Despite the trend in normal corporate real estate towards hotdesking, this is not popular amongst the Media Tech sector, although break out areas are very important. Ssssses Destination London Unsurprisingly London leads the way for the Media Tech industry with more take up than any other European destination, with Berlin also showing an increase in take up. On the other hand, Paris and Munich showed a decrease in take up in As the Media Tech sectors mature in other European locations, we expect take up to increase, following London s precedent. A story of Ssssses Across the Media Tech sector, Southbank, Shoreditch, Soho and Seven Dials / Covent Garden were the most preferred locations, with the Square Mile also topping wish lists an unusual finding as this has traditionally been the financial district. Steal my thunder The rise of serviced offices could be attributed to the overall proportion of take up for Media Tech slowing because 75% of some serviced offices are already let to Media Tech companies. X Proportional representation Media Tech, as a proportion of overall take up has fallen in 2014, however that is because the financial sector take-up has recovered somewhat. Overall Media Tech is still growing. Open access Although we have classified Media Tech as the new TMT, actually sentiment is that the sector itself is difficult to identify. With all firms seeing technology as the key to innovation, there s an argument to say that all businesses are becoming technology businesses a blurring the lines between different sectors. Further education There is still some educating of the sector to do when it comes to rental levels 1/3 of Media Tech firms were surprised at levels of rent in their preferred locations. Developers should embrace commercial elements in mixed use schemes in emerging locations like Dalston, Hackney and Vauxhall and deliver lower cost offices. 3

4 WHAT IS MEDIA TECH Media Tech is the sector that was previously classified as The Telecoms Media & Technology sector (TMT). During our research, we have reclassified the sector to Media Tech and we will refer to it as such throughout this report. BNP Paribas Real Estate is a leading adviser to the Media Tech sector and this is our third specialised research report for clients. METHODOLOGY BNP Paribas Real Estate commissioned an independent business consultancy Meridian West to interview 106 senior real estate decision makers from technology, media and telecommunication companies. The study focused on the key factors that are believed to play a fundamental role in the decision making process when choosing a property. The sample comprised a cross section of company types, which is reflective of the diverse range of organisations that constitute the Media Tech sector. The companies sampled varied in age, ranging from start-ups to mature organisations. It also included a range of company sizes, with the highest proportion (c.64%) of participants falling into the 10 to 50 employee category. Sample further split between Old School and New School. Greater London was selected as the sampling area, to ensure that the geographical dispersion of London s Media Tech sector was captured. A short structured telephone interview, containing predominately closed questions, was conducted by Meridian West. Interviews were undertaken in November and December of At the time of the interview, all participants were anonymous to BNP Paribas Real Estate. Participants were given the opportunity to disclose their identities at the end of interview. Six in-depth interviews were subsequently conducted with a small media tech occupier, three large media tech occupiers, a serviced office provider and a landlord specialising in providing media tech-led schemes. THE SUB-SECTORS INTERVIEWED Hardware development Graphic design Other Software development SIZE OF ORGANISATIONS CONTACTED 40% 35% New school Old school Telecoms 30% Publisher Web-based services 25% 20% Classic marketing, advertising and PR IT services 15% 10% Media and broadcasting App development Digital marketing, advertising and PR 5% Old School New School 0% 10 to 50 employees 51 to 100 employees 101 to 250 employees More than 250 employees Media and broadcasting (17.9%) Classic marketing, advertising and PR (10.4%) Publisher (9.4%) Telecoms (5.7%) Graphic design (4.7%) Hardware development (0.9%) Software development (18.9%) Web-based services (13.2%) IT services (8.5%) App development (1.9%) Digital marketing, advertising and PR (1.9%)

5 MEDIA TECH LONDON SURVEY LONDON IS A GLOBAL FINANCIAL & MEDIA HUB With the benefits of its location, political and legal structure and the existing business infrastructure, it should comes as no surprise that London has successfully established itself as a leading global centre for the Media Tech industry. Its status as a global hub for banking and finance, a sector targeted by many Media Tech firms, has allowed London to attract both New School and Old School Media Tech firms looking to locate at the heart of their target markets. London is also home to a large number of world class universities and offers a wide range of cultural and social attractions, further enhancing its capability of attracting and retaining a pool of talent that is the envy of cities around the world. Across the UK the contribution of Media Tech to the national economy has been growing rapidly and with London at its epicentre, the industries growth prospects will have a profound effect on the capital s office market. It is estimated that the London Media Tech sector currently contributes around 8% of total UK GDP. One in every ten jobs in London is in the Media Tech sector. 28% of total Media Tech employment in the UK is in Greater London and almost half of UK media jobs are based in London, with the sector employing over 440,000 people in the capital. Between 2008 and 2013 the Tech sector in London recorded a 26% employment growth. Unsurprisingly the positives listed above have seen the Media Tech sector heralded as the saviour of the London office market. As growth from London s traditional occupiers has stymied in response to the challenging economic climate following the global financial crisis, the Media Tech sector has been the one sector to buck this downward trend and achieve genuine growth. The contribution of the sector to the UK economy is set to increase in the coming years and the foundations of London s Media Tech potential are already in place. 5

6 MEDIA TECH & THE LONDON OFFICE MARKET As well as its geographical and linguistic advantages London also benefits from an incredibly diverse built environment which provides access to a vast range and size of office accommodation. All this built on top of a world class transport network to boot. These factors have ensured that London has powered ahead of its rival European cities when overseas companies look to establish a European headquarters. Figures from the Mayor of London s inward investment agency show that during 2012 and overseas tech companies set up an office in the capital. Paris, Berlin and Munich have often been considered potential rivals for London s crown as Europe s tech capital. However recent trends show that whilst the growth of office space take-up attributable to Media Tech firms in London has continued to power ahead, the same cannot be said for Paris and Munich. From the beginning of 2010 to end 2014, London has seen 13.9 million sq ft of office space taken by Media Tech firms. During the same period Paris has recorded 13.3 million sq ft, whilst Munich and Berlin lag behind at 8.3 million sq ft and 4.9 million sq ft, respectively. Although the figures for Paris appear promising, a year by year analysis shows that Media Tech take-up peaked in 2011 at 3.46 million sq ft and has steadily declined in each subsequent year, with only 2.2 million sq ft recorded in In stark contrast, London has witnessed an increase in Media Tech office take-up in every year since Media Tech take-up (thousands sq ft) 4,000 3,500 3,000 London Berlin Paris Munich Sq ft (000) 2,500 2,000 1,500 1,

7 MEDIA TECH LONDON SURVEY SURVEY FINDINGS OUT WITH THE OLD AND IN WITH NEW Our survey results point to the ongoing buoyancy of the Media Tech sector, with participants confirming expectation of average revenue growth of 27% over the next 12 months. Firms within the New School Media Tech classification were found to be the most optimistic, forecasting average revenue growth of 41% over the coming year vs 17% for Old School Media Tech firms. Marketing, advertising and PR was found to be the most ambitious sub-sector, with forecast revenue growth of 64%, followed by telecoms and web based services at 43% and 41%, respectively. REVENUE GROWTH PROSPECTS ARE EQUALLY OPTIMISTIC OVER THE MEDIUM TERM Over a three year period, 55% of participants expect revenues to have grown, on average by 79% compared to now. Once again New Media Tech companies are more bullish on their future growth prospects than their Old Media Tech cousins, anticipating an incredible 114% average growth in revenue over a three year period. Companies classed within the web-based services sector anticipated an average revenue growth of 107% over a three year period, and software development firms 77%. This was in stark contrast to those firms classified within the publishing and graphic design sectors who, on average, expected significantly more modest growth in revenues at 20% and 18%, respectively. By what percentage are you expecting to grow your revenue over the next 12 months and 3 years? 120% 100% 80% 60% 40% 20% 0% 1 year growth 3 year growth All respondents Old school New school OVER HALF PREDICT AN INCREASE IN LONDON HEADCOUNT Over the same three year period, 65% of participants predict an expansion in their London headcount, with firms planning to increase staff numbers on average by one third. New School vs Old School Media Tech classification was also found to impact headcount growth, with New School Media Tech companies much more likely to take on new London staff, than Old School companies. At 93% the results showed unanimously that organic growth will be the main driver behind the planned staff increases over the next three years. The relocation of existing staff into London from either the UK or abroad scored a modest 4%. TOTAL HEADCOUNT GROWTH WON T AUTOMATICALLY LEAD TO INCREASED FLOORSPACE DEMAND FOR ALL FIRMS When participants were asked about expected floorspace demand over the next three years, 40% confirmed plans to take additional space during this period, with 51% indicating that they expect their floorspace requirements to remain at current levels. Of those firms looking to increase their occupational floorspace the average increase is expected to be 53%. The good news for landlords is that only 9% said that they planned to decrease their volume of floorspace, which means the sector has no plans to shed huge swathes of London space. Planned revenue, headcount & floorspace expansion over the next three years Companies expecting positive growth over three years Revenue Headcount Floorspace % 10% 20% 30% 40% 50% 60% 70% 80% 7

8 NEW JOBS = NEW FLOOR SPACE? The quick answer is yes, the growing Media Tech sector will be the greatest driver of office activity in London over the next three years. However, there are a few ways to analyse what this will actually mean, in terms of space, for landlords: 1. The quick and dirty calculation 2. The techy, geeky calculation 3. What this means for landlords 1. Quick and Dirty If we analyse the amount of floor space taken up by the UK Media Tech industry in London currently and then apply expected growth of the sector by number of people by 2017, we get a figure of almost 28,000 jobs to be added in the next three years. If we then assume 100 sq ft per person, we will get a figure of around 2.8m sq ft of new space just for the Media Tech industry in London by the end of 2017, or, the equivalent of 9 new Aldgate Towers. 2. Techy & Geeky However, it s not quite so simple to measure media tech requirements using 100 sq ft per person applied straight to headcount growth our usual basic calculation for floor space per person across most other sectors. The Media Tech sector doesn t work on this basis. As our expert understanding of the Media Tech sector demonstrates, we know that a large proportion of Media Tech companies are looking to consolidate more people into less space. This may be new space, and still drive Media Tech activity in terms of take up, but still less space overall per person than what they currently hold. If we analyse a more conservative estimate of headcount growth across Information & Communications industries from Oxford Economics and turn this into sq ft, and then put it together and analyse new space coming on to the market (of which Media Tech historically takes about 24%) we come to a figure of 1.1m sq ft of new space, on top of average take up by the sector. We are of course assuming that Media Tech will take new space which isn t guaranteed, but judging by our research and by recent transactions by the likes of News UK, Amazon, Google, and new requirements from the likes of Expedia we think it s a safe assumption that many Media Tech firms will want new space, on top of those that take second-hand space. This is conservative, because Information & Communications doesn t quite cover all of the Media Tech sector. So, if we assume that 2.8m sq ft is the highest figure using basic calculations, and 1.1m sq ft the lower figure for new space, based on conservative estimates, we come to a middle ground of around 2m sq ft+ of space for the media tech industry over the next three years. 3. What this means for landlords Media tech will certainly drive activity in the office market in London. This includes taking new space, some 2m sq ft over the next three years in addition to what they take normally, according to our calculations. By taking new space, they will also leave old space behind, itself creating further activity from the churn. Landlords should continue to embrace and target the Media Tech sector for new space in the next three years in London. Furthermore, a large amount of the London pipeline over the next few years is already pre-let and therefore this represents an opportunity to pick up tools for new schemes targeting this sector. Similarly, landlords that currently have Media Tech occupiers that may have lease breaks approaching should look at how they can accommodate or manage their tenant satisfaction within their existing buildings and engage with them early so they don t lose them to newer, and potentially glossier, buildings.

9 MEDIA TECH LONDON SURVEY Popularity of Media Tech London submarkets King s Cross 2.8% Angel / Dalston 2.8% Stratford 2.8% Paddington 1.9% Smithfield 6.6% Soho / Covent Garden 17.0% Shoreditch 14.2% Square Mile 6.6% Aldgate / Whitechapel 2.8% Victoria 0.9% South Bank 15.1% Canary Wharf 2.8% Battersea / Vauxhall 0.9% TMT GROWTH WILL OCCUR ACROSS THE CAPITAL BUT WILL FOCUS ON A FEW CORE MARKETS The survey results showed that the whole of London has the potential to benefit from Media Tech sector growth, but with Soho/ Covent Garden, Southbank, Shoreditch and to a lesser extent the Square Mile and Smithfield set to benefit the most. The top three submarkets (Soho / Covent Garden, Southbank and Shoreditch) were picked by 46% of respondents as their most desirable location. Interestingly, although King s Cross did not score particularly highly as a preferred location, 50% of respondents would consider this location during an office move. On the same basis it was actually Smithfield that came out on top with 57% of firms indicating that they would move to this location. At the other end of the scale it was Canary Wharf, Battersea/ Vauxhall and Stratford have work to do with only 17%, 15% and 14% of respondents indicating that they would locate there. Breaking the analysis down further into New School and Old School respondents, there is a clear bias for New School Media Tech to favour locations within the Tech Belt, incorporating Shoreditch, The City, Smithfield and Whitechapel/Aldgate. Whilst the Old School respondents clearly favoured Soho/Covent Garden and the Southbank. Old School firms were also much more likely to consider more fringe locations such as Stratford, Canary Wharf and Camden and overall appeared to have a broader range of preferred locations. 9

10 TENANTS UNDERESTIMATE RENTAL COSTS Following the questions based on preferred office locations across London, we provided respondents with a range based headline rent for their top choice. Across all locations respondents generally indicated that these rents were higher than they expected. Only 35% to 40% believed rents were in-line or below expectations. We asked participants if a comprise was required to match the level of rent they realistically expected to pay, would they rather switch locations or attempt to find a building of lower quality in their desired area. 52% of respondents indicated that they would comprise on their desired location whilst 36% said they would rather occupy a lower quality building in their desired submarket. THE RIGHT PROPERTY CAN HELP ATTRACT NEW POTENTIAL EMPLOYEES, RETAIN CURRENT EMPLOYEES AND CONTRIBUTE TO PRODUCTIVITY LEVELS Asked about the extent to which various business aspects could be influenced by occupying the right property, 41% of firms surveyed strongly agreed that productivity was a key factor with an additional 42% agreeing. Whilst 40% and 39% of respondents agreed strongly that the right property could help retain staff and attract new talent, respectively. EMPLOYEE NEEDS LOCATION, LOCAL AMENITIES AND COLLABORATIVE WORKSPACES ARE THE MOST IMPORTANT FACTORS IN ATTRACTING AND RETAINING STAFF Participants were asked to consider their views on how property selection could influence their workforce. 58% of those surveyed selected the location of the office as very important to current and potential employees, followed closely by the provision of amenities with the office locale (56% very important) and collaborative workspaces at 47%. Interestingly at 21%, proximity of the workplace to home was considered the least important factor to consider, indicating that most decision makers believe that the right property in the right surroundings is vastly more important than people being able to live close to where they work. BUSINESS NEEDS TRANSPORT LINKS, INTERNET CONNECTIVITY AND LOCAL AREA AMENITIES DRIVE DECISION MAKING Participants were asked to indicate how important a number of different factors would be in the decsion where to locate a new office. 98% of respondents said that transport links were essential or important, with 76% claiming it was essential. 89% put the provision of local amenities within the essential or important category, but only 31% said it was essential to the decision making process. Finally, 90% of firms surveyed selected internet connectivity as important or essential, with 64% indicating it was a make or break decision by placing it in the essential category. Our previous TMT sector report conducted in 2012 and financial services report published in 2011 both reported that transport links were considered as the most essential factor when considering a new office. IT S ALL ABOUT SPACIOUS, LIGHT AND MODERN OFFICES FOR THE MEDIA TECH SECTOR When participants were asked to use three words to describe what their ideal property would look and feel like, spacious/openplan/airy was the winner, picked by 36% of participants. This was followed by modern/contemporary and bright/light, which were selected by 30% and 28% of respondents, respectively. Interestingly the categories that received the lowest amount of responses included value/economical, practical, flexible and creative/inspiring with only 3%, 3%, 5% and 5% of respondents selecting these in the top descriptors of their ideal property. LARGER COMPANIES MORE LIKELY TO UNDERSTAND THEIR LONGER TERM SPACE REQUIREMENTS The survey results show a positive correlation between the current space occupied and future lease length requirements with firms currently occupying a larger amount of office space, indicating that they would more likely to agree new leases for a term of 10 years or more. Firms currently occupying 5,000 sq ft or less were much more likely to favour leases of less than five years. Overall, it would appear that three to five year leases is the preference for Media Tech occupiers. TOP THREE CRITERIA WHEN CHOOSING A NEW OFFICE 2014 MEDIA TECH 2012 TMT 2011 FINANCIAL SERVICES 1. Transport links 1. Transport links 1. Transport links 2. High quality internet access 2. Rental level 2. Lease flexibility 3. Local area amenities 3. Location 3. Rental level

11 MEDIA TECH LONDON SURVEY CONCLUSIONS The survey has provided a valuable insight into London s Media Tech sector. With the majority of participants confirming revenue and headcount growth plans over the next three years, it has given reassurance that the industry is set to record further impressive growth. This growth will feed through into an increase in demand for office space from Media Tech firms which will further enhance London s reputation as Europe s most important centre for creative and technologically based business. Flexible, well located offices are the order of the day. Good transport links will continue to be of vital importance to companies, both for access to clients and allowing employees to commute into work as effortlessly as possible. Short leases will remain key to occupiers who need the potential to rapidly scale up operations based on rapid growth and expansion. Traditional landlords will likely have to remain flexible in the type of leases they can offer, although a lack of space could swing the balance of power firmly in the landlord s direction. There is also a potential to further boost the supply and take-up up of serviced office space within Central London, with landlords benefitting from longer term leases and the serviced office operator s retaining the upside potential of further increases in rents resulting from competition for space and lack of supply. Building owners will have to think harder about the finishes they offer in their office specs as well as the services and amenities at ground level. Pushing the rent forward for the right product should be achievable. Tenants will continue to resist longer leases and will have more suitable business centres to choose from as an alternative. A fast and reliable internet connection is at the forefront of tenant needs, with further improvements in London s internet infrastructure needed to help sustain the growth of the Media Tech sector. With a number of recent reports and articles hinting at issues within existing Media Tech hubs, there is the potential that some of these areas may struggle to attract new tenants if a suitable solution is not implemented quickly. Emerging Media Tech destinations, such as Stratford, could benefit from a perceived advantage of a more modern and capable IT infrastructure. Collaboration space is vital in providing the right atmosphere for Media Tech firms to operate from and grow but, having enough fixed desks for staff to work from will remain a number one priority, with large, efficient open plan floorplates set to be the top target for potential Media Tech occupiers. The growth of Media Tech firms across London markets will continue and whilst the current hotspots will continue to benefit from high levels of occupier demand, less traditional markets will begin to benefit as the sector explores new areas that are well connected and offer value for money on well built, efficient office space. Overall occupying the right office space will enable firms to attract the best talent London has to offer and will continue to be an important representation or extension of a company s brand. Our recommendations to landlord and developer clients: 1. Target the Media Tech sector, they will continue to be the dominant sector in London over the next three years. There is an opportunity to develop new schemes aimed at this sector. 2. If you have Media Tech tenants in your buildings currently, engage with them now. Try to find out what they want to avoid them breaking their leases and moving to newer buildings (eg better fibre connectivity, more interesting common areas) 3. If you are delivering new or refurbishment schemes, consider leaving them as shell and floor as Media Tech companies are 50:50 split between what kind of ceilings they prefer, this way the landlord or tenant can deliver a more bespoke fit out for their particular requirements 4. Not all Media Tech occupiers want to pay the higher rents now found in central London. We have found that over 1/3 have expectations which are out of kilter with today s rental levels. Developers should embrace commercial elements in mixed use schemes in emerging locations like Dalston, Hackney and Vauxhall that deliver lower cost offices in order to target some elements of the Media Tech sector particularly the small to medium-sized enterprises. 11

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