How Much Is Office Space in London?
- 10 Minute Read
It’s no secret that renting an office space in the London area comes with one of the highest price tags in the world. For this, people can work amongst the bustling atmosphere and overall beauty of the English capital. In addition to this, London is the largest city in the United Kingdom, meaning that prices can vary greatly throughout the various areas. We take a look at these various locations and the city as a whole to answer the question: How much is an office space in London?
On average, office space in London will cost £523 per person on a monthly basis. In terms of price per square foot, the average is approximately £65. This factors in large companies that have office space for tens or even hundreds of employees, alongside sole proprietors and business owners that have an entire room to themselves. Interestingly, the most expensive places to rent office space in London are Mayfair and the St James’s area. In contrast, Battersea and Hackney are among the cheapest areas.
The factors that impact the price of an office space in London, as many would expect, are similar to those that influence the value of almost any property. While some may be more relevant in certain areas of London, all of the below can have an impact on the price.
Whether the office is a private office, a shared coworking space, or an enterprise office will have an impact on the price paid per month. These types of offices will be suitable for different individuals and businesses, however, here is a quick overview of each for those who aren’t 100% sure on what they’re looking for:
These are when one room is dedicated to a single person, typically for those that are self-employed or are part of higher management within a business. Doors on this type of office can be locked and offer a workspace that is completely private, as the name suggests.
Shared workspaces, also known as coworking spaces, offer people an area or desk in which to work. These can be rented on a one-time or monthly basis, with the ability for people to walk in at any time during the day.
An enterprise office is often rented by companies that have a large workforce. Different parts of the team can have their own separate areas, with the option for private offices to be incorporated inside of the facility, too. This type of office usually takes up an entire building which allows different floors to be used for different purposes if needed.
In most cases, an enterprise office will be the most expensive overall, followed by a private office and a coworking space. However, if looking at the cost per person, private offices will likely have the highest monthly price. This is followed by an enterprise office, with coworking space remaining the cheapest option.
This one is relatively straightforward, but the terms that detail what is and what isn’t included within the rental agreement will affect the price. In rare circumstances, some offices may be offered on a basis that doesn’t include the likes of electricity. Use of the internet should also be considered, as most businesses will require some form of online access.
As a rule of thumb, the more utilities and other essentials that are included within the rental package, the higher the monthly price. There are some utilities that are expected to come as standard, which include the likes of water and access to a kitchen, shared or otherwise. Furthermore, some offices that are available to rent will even come fully furnished with items such as a desk and chair, which can bump up the price as a result.
Where the office is located is the final factor that we will be talking about. In some places, there may be fewer offices, which can cause an increased cost per month, particularly if there is high demand within that area. Should the location offer accessibility with a wealth of transport links, the price is likely to reflect this too. Here at sub800, we cover a variety of different areas throughout London, a few of which are detailed below.
This part of London is full of modern offices that are popular amongst creative firms. Offices in Clerkenwell offer a cost-effective solution for businesses of all sizes, while also being located close to King’s Cross station. Clerkenwell is an area of London that sub800 offers standalone office space with all-inclusive pricing which includes the serviced conveniences of a co-working space like WeWork.
Southwark offices are perfect for those that prefer to be in heart of London city, with a bustling atmosphere and plenty of transport links. These spaces tend to be offered at a more premium price but come with an abundance of opportunities. Southwark is another area of London that sub800 provides affordable, all-inclusive office space that comes with the benefits of both private offices and serviced offices in one.
Another area that is home to many businesses is Islington. There are a huge variety of offices here to suit any type of company, regardless of the size or requirements. However, with this convenience comes a higher cost per month when compared to other areas of London.
That wraps up this article on how much an office space in London will typically cost on a monthly basis. As mentioned, there are a whole host of different factors that can impact the price of an office space, with the location often being the most influential out of them all. The good news is that offices are available to suit a variety of budgets and requirements, should you know where to look.
For those that want to find office space in London, sub800 is here to offer affordable and easy rental solutions. With a 360-degree virtual tour attached to every office listed on our site, you no longer have to attend viewings for a space that doesn’t meet your needs. sub800’s simple legals allow you to, in some cases, move in the same day you view a property - no lawyers or brokers required. With sub80 you will get your own office space for your team along with all of the benefits of a serviced office - regular cleaning, snacks and drinks provided, etc.. Browse through the huge selection of offices available to rent on our site and find the perfect space today!