Tech firm doubles in size and moves to Devonshire Square, as demand for office space in the city keeps rising

San Francisco-based tech firm Figma, has taken 14,764 sq ft of office space in Devonshire Square (DSQ) near Liverpool Street.

Previously based in Soho, this move represents a doubling in size for the company, both in terms of office space and number of employees, which has rapidly grown to more than 250 people from just 12 in 2020. The office at DSQ serves as its European headquarters and largest hub outside the United States.

The firm has moved into the Square’s Building 9, a Grade A office set within a Grade II-listed former warehouse. DSQ consists of 580,000 sq ft of architecturally impressive office space, which is 80% let to businesses such as Accenture and Equinix.

From early 2024, a multi-million-pound redevelopment will see 94,000 sq ft of office space become available at the Square. The redevelopment comes as demand for office space in the Square Mile continues to grow at pace. The City of London Corporation recently reported to seeing a 5% rise in jobs across the area between 2021-22, with a 27% increase in the tech industry in the area.

Andy Booth, Director of Offices at Devonshire Square, said: “This deal with Figma is indicative of the City’s evolving profile amongst a broader mix of businesses. We’re finding that businesses are attracted to DSQ due to its exceptional transport connections, its high-quality Grade A office space, and its 35,000 sq ft of premium retail, leisure and amenities, all of which contribute to staff attraction and retention. We took an innovative approach to welcoming Figma to DSQ by fitting out the office space on request with our partners Pulse. Together we’ve created a uniquely designed space which is stylish and functional to ensure Figma have what they need to launch their new European HQ. We look forward to more Grade A office space opening up in the Square in early 2024 and to welcoming more pioneering businesses to Devonshire Square.”

Siobhan O’Reilly, Regional Manager EMEA at Figma said: “This move from West London to the City marks a major milestone in the expansion of our business. At Devonshire Square, not only will our team benefit from the ease and convenience of being located just two minutes from one of London’s best connected stations – Liverpool Street – and the wealth of shopping, leisure and amenities on the doorstep, our unique location means we can simultaneously experience the best of everything, from the prestige and professionalism of the City, to the creative energy of East London.”

Devonshire Square is a five-acre, mixed-use workplace and leisure destination in the City. The office space is supplemented by a wide range of leisure offerings – from fine dining at Cinnamon Kitchen and TripAdvisor’s number one rated steakhouse, KöD, to popular karaoke bar Lucky Voice.

The leasing agents on this deal are CBRE and Newmark BH2.