Are you planning to rent office space in London? As one of the most expensive cities in the world, it’s important to consider the cost before making a decision. In this article, we’ll explore the different factors that affect the cost of renting office space in London and provide you with an estimate of how much you can expect to pay.
Location
London is a sprawling city with many different areas to choose from. The location of your office can have a significant impact on the cost.
The most expensive areas are generally found in central London, such as Mayfair and Knightsbridge. If you’re looking for something more affordable, consider looking outside of central London in areas like Stratford or Croydon.
Type of Office Space
The type of office space you’re looking for will also affect the cost. There are three main types: serviced offices, leased offices, and co-working spaces.
Serviced Offices: These are fully furnished and equipped offices that come with a range of services such as receptionists, IT support, and cleaning services. They are typically more expensive than leased offices or co-working spaces but offer a higher level of convenience.
Leased Offices: These are traditional offices where you lease the space for a fixed period of time (usually 3-5 years) and are responsible for furnishing and maintaining them yourself. Leased offices can be more affordable than serviced offices but require more effort on your part.
Co-Working Spaces: These are shared workspaces where multiple companies rent out individual desks or private offices within a larger space. Co-working spaces can be more affordable than both serviced and leased offices but offer less privacy.
Square Footage
The size of your office will also impact the cost. In general, the larger your office space, the more expensive it will be. Depending on your business needs, you may be able to save money by opting for a smaller space or looking for a co-working space where you can rent out individual desks.
Additional Costs
In addition to the base rent, there are several other costs to consider when renting office space in London. These may include:
- Business rates
- Service charges
- Utilities (electricity, water, heating)
- Internet and phone services
- Furniture and equipment
Cost Estimates
So how much can you expect to pay for office space in London? According to a recent report by Instant Offices, the average cost of renting office space in London is around £650 per person per month for a serviced office and around £500 per person per month for a leased office. Co-working spaces are typically more affordable, with prices ranging from £200-£500 per person per month depending on the location and facilities.
In Conclusion,
Renting office space in London can be expensive, but with careful consideration of your needs and budget, it’s possible to find an option that works for you. Remember to factor in location, type of office space, square footage, and additional costs when making your decision. Good luck!