For many, embarking on the search for a new home for your company can be a daunting prospect – with so many factors to weigh in on, the process can be both difficult and time-consuming. But don’t worry, we’ve created a step-by-step process to help you know what you’re actually looking for before it’s too late. This way, you’ll be likely to end up with a space that you and your colleagues love. These are 4 things to consider when looking for an office space in London.
1. Private offices or co-working?
Start with a blank slate. Before you’ve made any other decisions you’ll need to decide whether co-working or private will be the right fit for your team. For a small start-up with minimal employees, a co-working environment may be the better choice as a private office could be a financial drain for a company with just a couple of employees. However, for businesses with a team of 3 or more, it’s a good idea to find a private space that the company can enjoy.
Not only does a private office provide some peace and quiet for your team, but it allows for a secure and controlled environment. Plus, you’re free to design the space exactly to your liking, which can strengthen your brand for both clients and employees alike.
Looking for an office space in London?
At Canvas, we create homely offices for large & small teams. We include everything (meeting rooms too) with a simple, flexible contract.
2. Serviced offices or a traditional lease?
Congratulations! One decision down. Next thing to consider: will you go with a serviced office space or traditional lease?
For those not so experienced in the office world, an explanation – a serviced office is all-inclusive, whereas a traditional lease is simply a room, and that’s it. A serviced office space is advantageous for budgetary reasons – there are no hidden costs.
The term ‘all-inclusive’ will differ from company to company, but at Canvas our prices cover high-speed Internet, utility costs, business rates, communal areas, 24/7 access and furnishings. A traditional lease, on the other hand, provides you with just the office space itself and no added amenities.
3. Location, location, location
The area in which you’ll want to base your business is dependent on a number of factors; where your employees are based, the most popular area for your clientele, and the reputation of the chosen location. You don’t want the majority of your team (or the most influential employees) to be commuting for hours every day. However, compromise is key, and this will have to be balanced by which area is best for your industry.
A favourite location for businesses in the creative and tech industry is Shoreditch, in East London. This region is one of the most prime for start-ups, scale-ups and large enterprises alike to base their business; it’s home to a variety of original thinkers and entrepreneurs. Nearby is Old Street, nicknamed the ‘Silicon Roundabout’, featuring many prominent tech companies.
Another thing to consider will be how close the office is to transport links – it goes without saying that the closer you are to popular stations and bus routes, the happier your employees will be. Again, though, this will have to be a financial compromise – the closer the office is to a tube station, the higher the price will be. You’ll just have to work out how much you’re willing to pay for a central location, and how much this can be sacrificed.
4. What is the right office size for you?
You’re nearly there! The last thing to consider before setting out on your search is how many people you’ll be looking to accommodate. Obviously, the greater the number of desks, the larger the office size needed.
However, this will not simply depend on the current state of your business, but on the future of the company. Potential for scale is hugely important – there’s no point in finding an office space suitable for 4 people if you’re planning on hiring 5 new employees the following month. Try and align yourself with a long term mindset.
However, if knowledge of future plans is not a luxury that you have, try to avoid signing onto a long lease. Our flexible terms allow for this. We provide a rolling contract with the shortest option being 3 months.
At Canvas offices, we offer private offices across London that are serviced, flexible and bespoke to your needs. We offer office spaces in Shoreditch, Old Street, Dalston, Mayfair and Clerkenwell. All of our offices come with access to meeting rooms and facilities in all our office buildings included in the rent. If you need help deciding where to rent an office in central London, then get in touch and we’ll be glad to help.