B1 office floorspace by zone
particularly fast in this period – 44% growth.
Employment sectors
Wholesaleand retail,10,900,3%
Construction,5,600,1%
Accommodation and food ,19,300,5%
Informationand communication, 34,500,8%
Other service activities, 28,200,7%
Administrative and support service, 39,500,9%
Professional, scientific, technical , 106,600,26%
Financialand insurance,162,600,39%
Realestateactivities,7,100,2%
Research looking at why SMEs choose to locate in the City 10 found that for most sectors, proximity to clients and customers was the key driver, followed by good transport links. This is perhaps unsurprising, as 60% – 70% of City SMEs trade with each other 11 . Financial services – concentrated in larger firms – prioritised access to the right workforce and appropriate premises. More generally, location was seen as an important factor in attracting the right staff.
The City is a dynamic environment for firms, with an average of 1,200 firms moving here each year between 2011 and 2014, and 819 leaving, a net gain of 375 firms and over 7000 jobs per year 6 .
Migration of firms
The City’s workforce has a number of distinct characteristics. Employees are young 12 (55% of the workforce between 25 and 39), 66% are educated to degree level, and median pay at £54K is around twice that nationally. 13 The City draws on a highly international workforce, with 68% from the UK, 12% Europe, 6% Asia, 5% Africa, 4% America, and 3% Australia. When interviewed 14 , younger internationally mobile staff were attracted by the career opportunities, type CITY STATISTICS of work, and direct access to senior staff; those at the more senior end also prioritised quality of life. 10 https://www.cityoflondon.gov.uk/business/economic- research-and-information/research-publications/Documents/ Research%202016/Clusters-and-connectivity-final.pdf 11 https://www.cityoflondon.gov.uk/business/economic- research-and-information/research-publications/Documents/ research-2013/City%20SME%20Supply%20Chains.pdf 12 2011 Census data 13 Annual Survey of Hours and Earnings 14 http://www.cityoflondon.gov.uk/business/economic- research-and-information/research-publications/Documents/ research-2011/Understanding%20Global%20Financial%20 Networks%20Business%20and%20Staff%20Location%20Decisions. pdf The City also draws on a wide geography nationally for its workforce, with 39% travelling from inner London, 29% from outer London, and 32% from outside of London 15 .
In 2015, there were 991 start-ups in the City, predominantly (55%) 7 in professional services, followed by transport, storage and communications (11%) 8 . Some sectors are highly concentrated around specific locations in the City – in particular insurance in the east, and law firms in the west, while financial services, business administration, and technology firms can be found across the City. The Eastern cluster contains the largest / tallest buildings and has the highest density of jobs in the City, primarily finance and insurance 9 . 6 TBR data for the City of London 7 Professional services includes real estate and support activities. Bank search data for the City of London 8 ibid 9 City of London, Offices in the City of London, 2014
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