London businesses worried about business space costs according to new research

Thursday 02 August 2018

More than half of London businesses are worried about business space in London with key concerns cited as rental costs, business rates and overhead costs.

The figures show no improvement on the same question asked of more than 500 businesses a year ago.

The survey, carried out by ComRes, on behalf of London Chamber of Commerce and Industry (LCCI) found 55% of London businesses say they have concerns regarding business space in London.

Rental costs are the most common concern for companies regarding business space in London, with a third (35%) reporting this as a worry.

Other significant concerns include business rates (31%) and overhead costs, including utility costs (28%).

Chief Executive of London Chamber of Commerce and Industry, Colin Stanbridge said: “A year ago when we discovered these worries, we called on the Government to do what they could to support businesses at a time when there was a prevailing sense of uncertainty over Brexit.

“A year later, our survey shows that business concern around rents and rates continues and Brexit is even more uncertain.

“It must therefore be time for the Government to take some real practical measure to help businesses including making sure young Londoners have the right skills to succeed in the jobs of tomorrow, that the capital's pressing 'megacity' infrastructure needs are met, and that rising business costs are addressed before they undermine competitiveness.”

ENDS

Media contact
Katharine Barney
T: +44 (0)20 7203 1897                         
M: +44 (0)7827 241528
E: kbarney@londonchamber.co.uk

NOTES TO EDITOR:

  1. London Chamber of Commerce and Industry (LCCI) is the capital’s largest and most representative business organisation, with members ranging in size from multi-national companies to SMEs and sole traders.
  2. Colin Stanbridge, Chief Executive, is available for further comment and interview.
  3. ComRes online survey for LCCI. ComRes interviewed 505 London business decision makers for LCCI between 11 May and 8 June 2018. Data were weighted to be representative of all London businesses by business size and broad industry sector. ComRes is a member of the British Polling Council and abides by its rules. Full data tables can be found at www.comresglobal.com.