CBRE Borough Guide: City of London
The City is one of London’s prime business hubs. It has traditionally accommodated companies across the financial services, accounting and insurance sectors, but now also attracts numerous creative and tech companies. It currently hosts 360,000 workers, but this is estimated to grow by a further 50,000 by 2026.
Once considered only a place of work, the City is now more diverse and a desirable residential location. Almost 1,000 new homes have been completed since 2009 and the City is becoming a firm part London’s prime residential property market. Over the last five years average prices have increased by 33%, and new build prices are at £1,750psf, the third highest in London. On the boundary of the City, Alloy MTD is developing One Crown Place. This mixed use development is set to deliver a total of 246 private apartments, a boutique hotel, 165,000 sq ft of premium office space, retail units totalling 7,000 sq ft, and a historic Georgian terrace that will be fully restored as part of the scheme.
Good to know:
- Administratively, the City forms one of the 33 local authority districts of Greater London; however, the City of London is not actually a London borough.
- Colloquially known as the Square Mile, the City is 1.12 sq mi in area. It is also the smallest district by population with just under 9,000 people living there.
- St Paul’s Cathedral is the most popular visitor spot in the city.
- London’s first public drinking fountain was unveiled on 21 April 1859, at the boundary wall of St. Sepulchre’s church, Snow Hill.