Could an Office in Camden be Right for Your Business?
Known for its iconic music scene and home to one of the world’s most famous street markets, Camden is positively brimming with culture, excitement and opportunity.
Camden’s eccentric vibe has attracted a diverse range of creative entrepreneurs for decades, but recent years have seen a significant increase in the emergence of more corporate brands in and around the NW1 area of London.
Considering office space in Camden? Read about this dynamic area and find out whether it’s a good match for your business.
Ideal for start-ups and SMEs
After Westminster, Camden is home to the second highest number of businesses in London. In fact, according to the Office for National Statistics (ONS), 2018 saw 34,745 enterprises registered in Camden – that’s 5% more than 2018 and an increase of 44% since 2008.
The Camden Business Board 2018-2022 Business Charter reports that small businesses make up 97% of employers in the borough. ONS also reports that the canal-side town now has the third highest number of start-ups throughout London.
Emerging business sectors in Camden
Camden’s economic success relies on a wide variety of employment sectors.
According to the ONS UK Business: Activity, Size and Location report of 2017, Camden specialises in industries that are highly valuable to the economy, like Law, Management Consultancy, and Advertising.
Camden’s largest industrial sector is reportedly the Professional, Technical and Scientific sector. Businesses in this sector make up approximately 30% of Camden’s enterprises, compared with 22% across other areas of London. This sector includes companies who specialise in:
- Legal advice
- Management consultancy
- Architectural and engineering practices
- Scientific research
- Market research
Between the years 2009-2017, Camden saw significant employment growth in a number of different sectors, with the largest increase of 23% occurring in the Health sector. The Business Administration & Support Services sector saw a 17% increase, while the Information & Communication sector grew by 15%.
However, while some sectors have grown significantly in Camden, ONS also reported that others have seen a net loss of employment. Transport & Storage fell 6,200 and the Manufacturing industry decreased by 1,100.
Camden’s transport connections
Like most places in central London, Camden’s roads are often congested and parking can be difficult. That said, its public transport connections are plentiful.
There are four easily accessible underground stations in the area:
- Camden Town
- Camden Road
- Mornington Crescent
- Chalk Farm
Not to mention the convenient proximity of nearby Kings Cross St Pancras station. What’s more, there are direct links to Camden from both Heathrow and Gatwick airports.
The council also has plans to transform the borough’s transport infrastructure. These plans include the development of a network of high-quality cycle routes across the borough.
Camden’s commercial property
According to Valuation Office Agency (VOA), Camden had 2,471,000 sq. m of commercial space in 2012. By 2017, this figure had increased to 2,578,000 sq. m.
Although floor space in large office developments is forecast to increase, the local council have expressed their intention to ensure that a wide range of space for a variety of business types and sizes will continue to be available, suitable, and affordable for SMEs.
When it comes to the type of commercial property available in Camden, there are a variety of options available. Depending on the needs of your business, you can find both serviced and leased offices in a range of styles and sizes – from refurbished Victorian houses, to more sleek and modern spaces.
<h2>Future plans for Camden</h2>
In response to the Camden 2025 vision, Camden council released Our Camden Plan, a proclamation detailing how the council intend to achieve the ambitions set out in the Camden 2025 vision. Within this document the council said:
“We will increase the number of affordable workspaces in the borough, supporting small businesses to gain a foothold here and to grow. We will use all our levers as a planning authority, and through our Community Investment Programme, to deliver high-quality flexible workspaces that can respond to our growth sectors and changing patterns of employment.”
According to the latest forecast by GLA Economics, 79,000 new jobs are forecast to be created in Camden by the year 2036. Though it’s important to note that this figure is based on previous trends and therefore cannot account for the impact of the UK’s potential exit from the EU.
The development of the highly anticipated Camden Lock Village is also set to boost the level of commercial opportunity in Camden. Once complete, this village will (among other things) feature 9,175 sq m. of commercial space and create many job opportunities.
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