Is Tech City sustainable?
Some are reporting that \Tech and creative companies based around Shoreditch and Hoxton will become the driving force of London’s economy over the next five years..”http://www.eastlondonlines.co.uk/2012/11/hackneys-tech-city-to-become-driving-force-of-londons-economy/I’m no economist but I don’t understand how this is feasible. Surely any emerging industry which is reliant on fresh start-up businesses for growth has to have access to plentiful and cheap office space? How is that achievable in Shoreditch which is now regarded as prime central London and will soon be home to a cluster of large swanky hotels? I can’t see how start-up costs are going to be kept low enough here. If any area was to be designated a “hub” wouldn’t it have been better located further out where prices are cheaper (Stratford or Hackney Wick)?”