Are you planning to set up your office in London? One of the primary concerns for any startup or established business is the cost of renting an office space.
The cost of renting an office in London can vary greatly depending on multiple factors. Let’s take a closer look at how much it costs to rent an office in London.
Factors Affecting the Cost of Renting an Office in London
The location, type, and size of the office space are some of the primary factors that impact the cost of renting an office in London. Additionally, other factors such as amenities and services provided, lease length and terms, and building quality can also affect the rental price.
Location
The location is one of the biggest factors that impacts the cost of renting an office in London. Central areas such as Mayfair, Soho, and Covent Garden will have higher rental rates compared to areas outside central London like Stratford or Croydon.
Type and Size
The type and size of your desired office space also play a significant role in determining rental costs. For example, a private serviced office will come at a premium price compared to a shared co-working space. Similarly, larger offices with more amenities will command higher rent.
Amenities and Services
The amenities and services provided by your landlord or serviced-office provider can also impact your total rental cost. Some buildings offer additional services like cleaning staff, receptionists or security guards which can add to overall costs.
Average Cost of Renting an Office Space in London
According to recent data from Instant Offices, the average cost per person per month for a standard private serviced office space is around £650 – £950 ($900 – $1300) depending on location within central London.
For co-working spaces, prices are slightly lower starting from around £350 – £500 ($480 – $690) per person per month. However, this can vary depending on the location and services provided.
Conclusion
Renting an office in London is a significant investment and requires careful consideration of multiple factors that impact rental cost. To get the best value for your money, you need to assess your requirements carefully and choose a location, type, and size of office space that meets your business needs while staying within your budget.