The Resurgence of Old Street: Q&A with Shaun Simons

Old Street has long been synonymous with London’s tech sector, but the market continues to evolve. There is sustained demand for the best buildings, particularly in prime locations that offer high-quality space and strong connectivity. We sat down with Shaun Simons, Founder of Compton, to explore the latest trends shaping the Old Street office market. From the evolving tenant mix to the impact of transport upgrades and future development, he shares insights into what’s next for one of London’s most dynamic districts.

Old Street has long been considered the tech hub of London. How has the area evolved in the last 12-18 months?

Old Street remains London’s leading tech hub, but it has always been more than just technology. For years, it has been a prime destination for both creative and tech companies, as well as businesses seeking a central London location with convenient access to the West End, the City, and King’s Cross. Like many areas, Old Street was hit hard by Covid, but the past 18 months have demonstrated its resilience and continued desirability.

What is happening in the tech sector – are you seeing growth and an increase in space requirements?

The outlook depends on individual circumstances, as there’s no one-size-fits-all answer. Tech funding has faced challenges, particularly compared to the pre-2020 landscape and before the collapse of Silicon Valley Bank. Before these events, businesses, often heavily loss-making, could easily raise significant debt and would freely spend on real estate solutions. That’s no longer the case for most, which may seem like a hurdle for growth. However, I see it as a positive shift, bringing more financial diligence that ultimately benefits both businesses and the landlords they commit to.

Have we seen a shift in the types of tenants moving into the City Fringe? Who’s taking space, and what are they looking for?

Tech remains a major driver of demand, but Old Street has always attracted a broader range of occupiers. The district is seeing a more mature tenant base, a trend likely to strengthen as supply tightens in core markets.

Given the difficulties during Covid, what has happened to take up and availability of prime stock on the last 12 months? 

Supply and demand remain imbalanced post-Covid, with more available space than occupier demand. This means the best properties continue to perform strongly, while secondary stock struggles unless priced appropriately.

What role does quality play in securing tenants? Is the ‘best-in-class’ trend still driving leasing activity?

Quality matters, but value is key. The highest-quality buildings in prime locations with top-tier amenities continue to attract demand. However, there is depth in the market across all asset classes, provided pricing reflects the relative value. Not every business can afford premium space, but well-positioned properties at the right price point are still securing tenants.

With new developments in the pipeline, how do you see the City Fringe market evolving in 2024 and beyond?

I’m optimistic about Old Street’s future. Several world-class, forward-thinking developments are underway, and I’m confident they will drive further demand from occupiers in neighbouring districts. In addition to this, the recent improvements to Old Street Station and the opening of Crossrail at Moorgate has made the transport offerings significantly enhanced.

What’s one bold prediction you have for Old Street’s office market over the next five years?

I predict another major tech powerhouse is on the horizon, set to join Amazon, Snapchat, and TikTok in the area.

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LBS & Barings secure first TIDE Bankside letting

Alongside our joint venture partner Barings, we are proud to have agreed the first pre-letting at the TIDE Bankside development.

Having bought the site with full planning permission in 2021, the JV has agreed a lease spanning the entire third floor of c.13,907 sq ft with Costello Medical. The company, which provides scientific support to the healthcare sector, has signed a 15-year lease.

Costello Medical is expected to take occupancy of its space shortly after the building completes this summer, moving from its existing office on Old Broad Street.

Tide comprises 11 upper floors providing 133,794 sq ft of grade A office space, along with a ground floor retail unit and 11,560 sq ft of affordable workspace on the lower ground, ground and first floors. The Squire & Partners-designed development includes a 5,167 sq ft rooftop communal terrace.

Cushman & Wakefield, RX London and USP are letting agents for Tide.

Nick Crawford, CEO of LBS Properties said: “TIDE’s design, location and market-leading sustainability credentials make it the perfect home for forward-looking businesses seeking to provide the very best in workplace experience for their teams.”

Rose Wickstead, London office lead, Costello Medical, said: “It is so important to us to provide our talented, hard-working teams with a fantastic professional home to foster connection and collaboration.

“As a B corp, Tide’s best-in-class green credentials and the social value it will create were deeply appealing to us. In Barings and LBS, we found real estate partners who understand our needs and we’re looking forward to being part of the Tide community with them and our soon-to-be neighbours in a cutting-edge building in such a brilliant central London location.”

We’re moving!

From 26th March, we’ll be moving to a new office space in the heart of Soho — just a short walk away from our current location.

Joining us there will be our colleagues from the Oakglen family of businesses.

If you have any questions, please feel free to get in touch.

See you there.

We are going to MIPIM

We are going to MIPIM between 12-15 March and look forward to meeting new and existing colleagues.

If you would like to arrange a meeting with Nick Crawford, Mark Tizzard and Nick Ball do get in touch with Charlotte Boorman to arrange a date and time.

Frost Fair

TIDE is located in an area rich in history and culture.

It was a pleasure to sponsor Better Bankside’s Frost Fair this weekend.

A thoroughly enjoyable family event celebrating a period of time when the River Thames froze over 24 times; the ice was thick enough to have market stalls, dancing and even have an elephant walk on it!

The Frost Fair replicated traditional events from folk dancing and singing to artisan markets and a life-sized elephant puppet parade and also showcased a Dr Who screening with the frozen Thames.

Thanks to Better Bankside for putting on a great event.

Grand Central Apartments, Kings Cross

We are very pleased to welcome our new residents to Grand Central Apartments, Kings Cross.

This amazing 22-storey tower located in the heart of Kings Cross was 100% pre-sold over a year before completion.

Grand Central Apartments is a testament to our outstanding design team, including Stiff + Trevillion Architects, Hoare Lee, Turley, Gardiner & Theobald thank you for all your hard work.

We’d also like to thank JLL especially Louis Carstens for a successful sales campaign.