As a business owner, the thought of having your own space to run your business can be truly exciting and fulfilling. However, choosing to rent an office location in the UK is a significant decision. Thus, it is essential to carefully consider and plan before proceeding with the implementation. Entrepreneurs, startups, or freelancers love co-working […]
As a business owner, the thought of having your own space to run your business can be truly exciting and fulfilling. However, choosing to rent an office location in the UK is a significant decision. Thus, it is essential to carefully consider and plan before proceeding with the implementation.
Entrepreneurs, startups, or freelancers love co-working spaces as they are a collaborative and affordable way to find work spaces for rent in the UK. Choosing the right office location is a critical decision that can impact your business’s productivity, employee satisfaction, and overall success.
Whether you’re a startup, a growing SME, or an established company looking to relocate, understanding the key factors to consider when renting an office in the UK is essential. This guide consolidates insights from various expert sources to provide you with a comprehensive overview of what to keep in mind while selecting an office location.
If you’re looking for the best office location for your business, it’s important to be pre-prepared:
This guide outlines five essential steps to help you make an informed decision.
Before you begin your search for an office location, it’s vital to have a clear understanding of your business needs. This involves evaluating your current situation and anticipating future requirements.
Choosing an office space that will suit the company’s needs is critical. First, one has to assess the need for ample space. Or a room-to-grow space? Determine the size of the office space you need based on your current staff and projected growth.
“According to a study by the British Council for Offices (BCO), the average space requirement per employee in the UK is around 10-12 square metres. However, this can vary depending on your industry and working style.”
Cost plays a significant role when looking for office space for rent. It will be a recurring fixed cost and thus requires the necessary focus. Set a realistic budget that includes not only the rent but also additional costs such as utilities, maintenance, and business rates.
“A report by Savills indicates that office rental costs in London can vary widely, from around £40 per square foot in outer areas to over £100 per square foot in prime central locations.”
While renting an office, it is essential to consider all the hidden or extra costs that one can encounter. In addition, there are additional costs, as highlighted below, that one must factor in.
Accessibility is a crucial factor when choosing an office location. It affects not only your employees’ daily commutes but also clients and business partners visiting your office.
Location is one of the most critical factors when looking for office space to rent in London. Do thorough research on where the office space will be located. There are several factors to consider before finalising the location.
London is renowned for its extensive public transport network, including the Underground, buses, and trains. Offices located near major transport hubs are highly desirable. A study by Transport for London (TfL) found that offices within a five-minute walk of a Tube station command higher rental prices due to their convenience.
If your employees or clients drive to work, adequate parking facilities are essential. Consider the availability of on-site parking or nearby public car parks. However, remember that Central London has congestion charges and limited parking options, which could influence your decision.
The surrounding amenities can greatly enhance the attractiveness of your office location. Therefore, it is also crucial to check additional facilities and amenities in the location that will enrich the work environment.
Proximity to a variety of cafes, restaurants, and bars can boost employee morale and provide convenient options for client meetings. According to a survey by CBRE, access to quality food and beverage outlets is a top priority for employees when considering a workplace location.
Access to gyms, parks, and wellness centres can help promote a healthy work-life balance for your employees.
“The Global Wellness Institute reports that workplaces promoting health and well-being see a 10% increase in productivity and a 12% reduction in employee turnover.”
These amenities contribute to employee satisfaction and can be a selling point for potential hires.
The business environment of your chosen location can influence your company’s reputation and growth opportunities. Being situated in a thriving business community can provide networking opportunities and enhance your corporate image.
Identify areas where businesses in your industry are concentrated. For instance, tech companies might prefer locations like Shoreditch or Silicon Roundabout, while financial firms may opt for the City or Canary Wharf.
While being close to competitors can foster a competitive edge, it’s also important to ensure there’s sufficient market demand to support your business. A market analysis can help determine the viability of the location.
As your business evolves, your office needs may change. Choose a location that can accommodate future growth and adapt to changing circumstances.
Consider whether the office space allows for easy expansion. Flexible lease terms and the ability to rent additional space in the same building can be advantageous.
Another major factor that one has to pay attention to before renting an office is security.
Renting a workspace also requires a lease agreement, which is also called a tenancy agreement. Check all the terms before signing the agreement, as it will be legally binding. Check if the rent is fixed, other outgoings or costs, and variable expenses like air-conditioning or maintenance. It is also advisable to check the areas the team will have access to and if there are any restrictions on the office premises.
Ensure the location has robust technological infrastructure, including high-speed internet and modern communication systems.
“According to a report by JLL, technological readiness is a critical factor in office selection, with 70% of businesses prioritising it in their decision-making process.”
London is renowned for its diverse and dynamic business environment, offering a variety of office locations to suit different industries and business needs. Here are five of the best office locations in London:
Mayfair and St James’s are synonymous with prestige and luxury. These areas are home to numerous financial institutions, hedge funds, and corporate headquarters. The elegant Georgian architecture and proximity to high-end shops and restaurants make these locations particularly attractive for businesses looking to impress clients and maintain a prestigious image.
The City of London, also known as the Square Mile, is the historic and financial heart of London. It hosts the headquarters of numerous multinational corporations, banks, and insurance companies. The area offers a blend of modern skyscrapers and historic buildings, providing a dynamic and vibrant business environment.
Canary Wharf is one of London’s primary financial districts, known for its iconic skyscrapers and modern office buildings. It is a hub for banking, finance, and professional services, offering state-of-the-art facilities and excellent connectivity through the Jubilee Line, DLR, and the upcoming Elizabeth Line (Crossrail).
Shoreditch and the Silicon Roundabout area (around Old Street) are renowned for their vibrant tech and creative scene. This area attracts startups, tech companies, and creative agencies, offering a trendy and innovative atmosphere with numerous coworking spaces and tech hubs.
Bermondsey is an up-and-coming business district that offers a unique blend of historical charm and modern amenities. It is becoming increasingly popular among startups and creative businesses due to its affordable office spaces and vibrant community. Bermondsey’s proximity to central London and excellent transport links make it a convenient and attractive location for businesses.
Never rush your decision to rent office space in London. It is crucial to take a few days to re-consider all the options, and if the offer still feels good, go ahead! Consider all the factors along with your business needs and operations as you decide. While renting might feel intimidating for entrepreneurs and new businesses, with proper due diligence, it’s not.
GO Bermondsey, located in the heart of Bermondsey is a perfect blend of comfort and modern design that will help employees to work at their best. In addition, the fully serviceable private offices and meeting rooms provide businesses with the option and benefit of co-working space to network and collaborate. Book a visit and make an informed decision.
