Given its size and global reach, it’s no surprise that London is one of the most expensive cities in the world in which to rent office space. However, there are several less-expensive areas you may wish to investigate before ruling out renting an office space completely. If you’re considering renting an office space in London, perhaps as a co-working space for your business or to house your growing team, it will be essential to understand what price range you can expect. The cost of renting an office space in the city varies widely depending on the location and size of the property. Read on for our complete guide to renting an office space in London, including a look at some more affordable options outside of the city center.
Before you start searching for a new office space, you should take the time to get a clear picture of your needs and financial constraints. First, you’ll need to decide whether to rent a serviced office or a flexible office space. Serviced offices are fully furnished and managed offices with access to conference rooms, a reception, and cleaning services. You’ll need to decide on a lease length and, most likely, pay upfront for the whole time period. Flexible office spaces allow you to rent by the month and provide you with more freedom to move as your business grows. You should also consider your location carefully. For example, if your business relies on a lot of foot traffic, it would be unwise to go too far out, since footfall tends to decline significantly the further you go from the city center.
If you’re looking to rent an office in London on a budget, you might want to consider the less-expensive areas on the outskirts of the city. The following are a few neighborhoods where you can expect to find office space for less than £70 per square foot in Central London. Among the most affordable areas to rent office space in London, you’ll find the following neighborhoods: - East London: You’ll find affordable office space in East London, which is connected to the city center by the London Overground. - South London: You can also find affordable office space in South London, with its transport links to Central London. - North London: Although you won’t find the same level of affordability in North London as you will in the other areas mentioned, it is worth considering the cost-saving benefits of renting office space in north London.
As you would expect, renting an office space in Central London will cost you far more than in the areas mentioned above. According to research conducted by commercial property advisors CBRE, the average cost of office space in Central London is £122 per square foot. Given the high price of office space in Central London, it is essential that you research your options carefully and plan ahead to ensure you get a good deal. You should also expect to pay more in Central London during the summer months, when the weather is warm and individuals are out vacationing. It is always a good idea to look for office space in Central London during the shoulder months of spring and autumn.
Of course, there are many benefits to renting an office space in London, but it’s important to keep a few things in mind as you’re looking for your next office space. For example, you should be aware that commercial leases in London tend to be short-term. Typically, you’ll be asked to sign a lease for one year or two years maximum. This also means that you will likely be required to pay a higher amount than if you were to sign a longer lease. Additionally, you should be aware that, when it comes to renting a space in London, it is essential to do your research. Because the cost of renting office space varies so widely depending on where in the city you choose to rent, you will want to be sure you are looking in the right area.
Renting an office space in London can be a pricey endeavor, but it is worth noting that prices vary significantly depending on the neighborhood. If you’re looking to rent an office space in London, you should keep the above advice in mind as you research possible options. There are also several financial benefits to renting an office space in London. First, renting is often less expensive than buying real estate in London. For example, commercial property in Central London has been experiencing a rapid rate of growth in recent years. This means that office space in London is more expensive than ever before. Thankfully, renting an office space in London offers many advantages, even for long-term tenants.
