Renting an office in London is exciting. There are offices to suit every business. Large open plan offices, small private offices, serviced offices and non serviced ones. It’s easy to get lost. Whilst plenty of office choices are great, it can also be challenging. Finding your perfect office space can feel like looking for a needle in a haystack. That’s why we’ve created this guide to office rent in London and we hope that it brings you a few steps closer to your dream office space.
A guide to office rent in London – Location, Location, Location
Focusing on specific locations will help to narrow down your search for the perfect office space for your business, which will largely depend on your budget.
Office rent in Mayfair and the West End
Premium areas such as Mayfair and London’s West End are home to some of the biggest names in business, not to mention luxury shopping brands. Businesses here vary from embassies to hedge funds to companies specialising in premium artwork, who are attracted to the abundance of galleries in the area. Depending on a variety of different factors such as exact location and facilities, you can expect to pay the following for office rent in Mayfair and the West End:
- £850 per month for 2 people,
- £14,600 per month for 13 people,
- £60,000 per month for a larger team of 50 people.
Office rent in Clerkenwell
For a central location that’s close to the city, Clerkenwell is a high value area with a lower premium than the City and the West End. Clerkenwell has a thriving startup scene with businesses attracted to the central location and access to like minded businesses. The iconic architecture and renowned restaurants within the area are also a pull factor for businesses. For an office space in Clerkenwell, businesses can expect to pay:
- £900 per month for a 2-person office space,
- £14,000 per month for 20 people,
- £35,000 for up to 60 people.
Office rent in Shoreditch
Shoreditch is another prime location that offers slightly more affordable office rental prices within central London. It’s a creative hub popular with a variety of different markets including fashion, tech, PR and media. The abundance of tech and digital companies in particular, from startups to large enterprises, cannot go unmentioned. Both Amazon and Google have graced the area with their presence. Office spaces in this arty area range from roughly:
- £700 per month for 3 people,
- £25,000 per month for 30 people,
- £100,000 per month for a bigger team of 150 people.
Office rent in Old Street
If you’re looking for a tech hub in London’s East End, look no further than Old Street. In fact, Old Street Roundabout is well-known as the birthplace of London’s Tech City or Silicon Roundabout, as it’s also called. That’s because there was an influx of tech startups in 2008, who wanted to be close to the city and surrounded by like minded businesses. Following government backing in 2010 to make the area comparable to California’s Silicon Valley, today Old Street is home to over 2,000 startups from just about every sector. For office rent in Old Street, you can expect to pay:
- £620 per month for 2 people,
- £100,000 per month for a team of 150 people,
- £250,000 per month for up to 250 people.
Office rent in Dalston
Dalston, in East London quickly became one of the most sought after areas to live and work in London, following its rejuvenation before the 2012 Olympic Games. The addition of the East London line connects Dalston with Shoreditch and other key areas. This makes it a great alternative to renting offices in the more expensive East End. Office spaces in Dalston range from:
- £1,000 per month for up to 4 people,
- £5,000 per month for 20 people,
- £20,000 per month for up to 30 people.
A guide to office rent in London – Types of Office Spaces
Getting clear on exactly what you want from your new office space will also guide you in your search for “the one”. When it comes to types of office spaces, serviced offices are a great option if you do not have office furniture. Some serviced office providers can also provide unfurnished office spaces, so be sure to mention this when you’re viewing an office space.
An open plan space isn’t just a design trend that boosts the feng shui within an office. It also goes a long way in promoting an open and transparent team culture.
If you’re a big business, then you’ll probably want your own office space. For smaller businesses or startups, shared offices can offer access to more space including communal areas and facilities. Which brings us nicely onto the next point in this guide…
A guide to office rent in London – Communal Areas and Facilities
This is an area that might not feature high up on your office move checklist, but we’re here to tell you that it should. That’s because communal areas and facilities, be it meeting rooms, breakout areas, collaborative workspaces or shower facilities, can make or break an office space. They can be the difference between you getting more bang for your buck as it were, when it comes to how much you’re truly getting for your rent each month.
Communal areas and facilities can also have a huge impact on your overall business. Breakout areas and collaborative workspaces can do wonders for staff productivity. They also go a long way when it comes to staff retention and recruitment, as they promote a good working environment. Whilst snazzy meeting rooms and the overall presentability of the space will affect perceptions of you and your business. This has an impact on both existing clients and potential new business. So all in all, it’s worth investing in an office space that has good communal areas and facilities.
A guide to office rent in London – Contracts and Flexibility
When it comes to renting an office space, not all contracts are made equal. The main thing that you need to consider here is the lease length. How long do you want to stay in your new office space? Short-term leases are favoured by smaller businesses and startups as they offer more flexibility and less commitment. Long-term leases offer more stability to bigger businesses, for whom moving offices regularly can get quite pricey.
Another important thing to note here is whether the space allows for your team to grow. Does the potential space to grow match the length of the lease and the rate at which your business’ projected growth?
Office providers may also offer the opportunity to add reasonable clauses to a contract, in order to make it more flexible to your needs. For example, this could include reducing or increasing occupied space if possible. Or the option to vacate the office earlier if necessary. Some flexible office spaces also allow you to put your own stamp on the space, be it your own brand identity around the office or a fresh lick of paint.
A guide to office rent in London – The Small Print
As with any contract, it’s important to read the small print when you’re considering an office space to rent. What does the rent include? We advise asking this question when viewing office spaces so that you’re clear from the get-go.
Does the office rent include bills, services, meeting rooms?… The list goes on and on. A clear understanding of exactly what’s included in the rent will not only avoid any nasty surprises when you move into your new office space. It will also allow you to make an informed decision when comparing different office spaces in London.
There are no set rules when it comes to renting an office. It just comes down to what’s best for you and your business. And we know that no two businesses are the same, so we hope that this guide to office rent in London has given you the tools to get out there and find the perfect office space for you.
At Canvas, we offer private offices that are serviced, flexible and bespoke to your needs. All our offices come with access to meeting rooms and facilities in all our office buildings included in the rent. We offer office spaces in Shoreditch, Old Street, Dalston, Mayfair and Clerkenwell. If you need further help and guidance about office space get in touch and we’ll be glad to help.