3 Tips to Find Cheap Office Space in London

29, Sep 2022

3 Tips to Find Cheap Office Space in London

3 Tips to Find Cheap Office Space in London

Expenses are a major concern for any business. One of the main expenses for startups and small businesses is office space. On average, companies spend 14% of their operating budget on office leases. Luckily, there are many ways to find cheap office space in London that won’t break the budget. Finding cheap office space in London isn’t easy if you aren’t familiar with the city or have never leased commercial properties before. However, it is possible to find inexpensive options if you know where to look. In this blog post, we’ll cover 3 tips for finding cheap office space in London as well as 3 cost-cutting ideas that will save you money on leasing costs.

Know the Basics of Office Leasing

A lease is a legal agreement between two parties where one party (usually the tenant) pays the other party (the landlord) for the right to use a property for a set period of time. When leasing office space, you’ll typically sign a short-term lease (usually one year). Office space leases fall into two categories: - Fully Furnished Office Space - A fully furnished office space includes the cost of furniture and the maintenance of those items. This is the most expensive option when leasing office space. - Partially Furnished Office Space - A partially furnished office space usually includes just the cost of the desks, chairs, and any other office furniture.

Negotiate Key Points in Your Lease

When leasing office space, you should negotiate key points in your lease as much as possible. There are typically four points in every lease that you can negotiate: rent, length of lease, amount of deposit, and tenant improvement allowance. The most important part of a lease is the rent. Make sure to negotiate the rent as low as possible. If the landlord seems reluctant to lower the rent, try negotiating the length of the lease. You can often get a lower monthly rent if you sign a longer lease. The amount of deposit is another key point in a lease that you should negotiate. Try to negotiate a lower deposit amount so that you don’t end up having to pay thousands of pounds more than you expected. Lastly, the tenant improvement allowance is the amount of money the landlord has put aside to make necessary improvements to the property. Try to lower this amount as much as possible to save money on your leasing costs.

Use Technology to Find Cheaper Office Space

If you are leasing office space in a major city, such as London, there are plenty of options to choose from. However, if you are looking for cheap office space in London, you’ll have to be more selective with your options. To find cheaper office space in London, use technology to your advantage. There are many websites that list commercial properties for lease. These sites allow you to filter your results based on your desired price range. There are also many apps that allow you to search for commercial properties for lease in your area. These apps are designed for people that are on the go and don’t have access to a computer.

Sign a Short-Term Lease

Another cost-cutting idea when leasing office space is to sign a short-term lease. The shorter the lease, the less money you’ll end up paying in the long run. A short-term lease is defined as a lease that is 12 months or less. The main benefit of signing a short-term lease is that you’ll end up paying lower monthly rent. One thing to keep in mind when signing a short-term lease is that the landlord could end the lease early if they find a new tenant willing to sign a longer lease.

3 Cheap Office Space Ideas for Londoners

There are many different ways to find cheap office space in London. Here are three cheap office space ideas for Londoners looking for inexpensive office spaces to lease. - Coworking Spaces - One of the cheapest ways to find cheap office space in London is to join a coworking space. These are shared office spaces managed by a company that allows you to rent a desk or a private office. You’ll have access to common areas, such as meeting rooms and lounges. There are many coworking spaces in London that allow you to rent a desk for as little as £100 per month. - Serviced Office Spaces - Serviced office spaces are a great option if you need a fully furnished space. This type of office space includes all the necessary furniture, utilities, and administrative services. You’ll pay more per month for a serviced office space than a coworking space. But, you’ll end up saving money in the long run because you won’t have to worry about making repairs and paying utility bills. - Virtual Office Space - Virtual office space is another option to find cheap office space in London. Virtual office spaces are mainly used by people that don’t have a physical office. They’re also used by people that have an office but use the virtual office address for correspondence. This type of office space usually includes just a mailing address and sometimes a phone number. You won’t have access to a private office or any other office amenities. However, virtual office spaces are often cheap and easy to find.

Conclusion

Finding cheap office space in London can be difficult. Luckily, there are many ways to find inexpensive office spaces to lease. To find cheap office space in London, you should know the basics of leasing commercial properties, negotiate key points in your lease, use technology to find cheaper office spaces, and sign a short-term lease. Whether you’re looking for fully furnished or partially furnished office space, there are plenty of options to choose from. You just have to know where to look.