Some interesting research has been collated by ParcelLive.com using data from the Office of National Statistics and Transport for London to highlight the best and worst London boroughs for business longevity.
The research used a number of factors which included transport links and how they correlated with the number of businesses that make it past the second year. It confirmed some surprising outcomes. The City and Westminster had excellent transport links but the worst numbers of companies making it to year three. On the flip side Waltham Forest scored low for transport links and for business longevity.
One of the biggest single factors that can determine the success of a business according to the research was accessibility. So whilst areas like Old Street’s Silicon Roundabout is the place to be for tech start-up’s in Central London helped by excellent transport links, it’s actually the outer boroughs like Richmond, Bromley and Ealing that have the best success rates for budding entrepreneurs.
The best Central London boroughs were confirmed to be Islington, Lambeth and Wandsworth on 76-80% of businesses succeeding, followed by Southwark, Kensington and Chelsea and Hammersmith on 71-75%.
Here are the top ten boroughs with between 76 and 80% of all businesses making it to year three. Click each one to search for your perfect office location:
It’s not surprising to note that property costs which are always an important consideration for new start-up’s, are much lower in many of the top ten locations when compared to Westminster and the City. However, it should be noted that several top Central London boroughs with much higher commercial property charges are not far behind the top ten, like Southwark which includes Waterloo and also Tower Hamlets which has areas on the City fringes, both are between 71-75%.
Here is an infographic to highlight the boroughs and how they rank across London: