For many businesses, the cost of finding their perfect office space in London can seem like a tall order – but it doesn’t have to be.
As a global hub for finance, technology and many other business sectors, there are many advantages to setting up your own London operation. Serviced office spaces are ideally suited to businesses wanting to settle in the capital in a cost-effective manner, and the huge growth in office stock and options means that there is more choice than ever. There’s somewhere for everyone’s budget.
In this article, we’ll be taking a look at the costs involved with finding serviced office space in some of London’s most sought-after locations.
Average rate per workstation (2018): £409 pp/pm
We’re starting our list with one of London’s most vibrant boroughs – Camden. Although the area is perhaps best-known for alternative culture, Camden is also a popular choice for professionals and businesses looking to put down their roots.
Why Choose Camden?
As one of the most popular boroughs in north-west London, Camden is a lively area for businesses and tourists alike. Once a quiet, canal-side district, Camden has recently been listed as having the third-highest number of startup businesses in London and now competes with other well-known districts such as Shoreditch.
What’s more, the area’s transport links and cultural highlights have seen it attract businesses looking to make the most of its creative, buzzing atmosphere.
The Cost of Serviced Office Space in Camden
At an average workstation price of £409 per month in 2018, Camden office space sits in a relatively budget-friendly price range in comparison to many other areas on our list. Due to this, businesses of all sizes currently operate in the area and there are a wide range of working spaces available.
However, as more businesses continue to search for an office space in the area, workstation rates have experienced a steady rise in comparison to other districts over the past five years.
Kentish Town Road (from £360 pp/pm)
Camden Lock Place (£475 pp/pm)
Hawley Crescent (£605 pp/pm)
Average rate per workstation (2018): £448 pp/pm
Hammersmith is the next London area that delivers exceptional value for relatively little money. As one of the standout locations for businesses in West London, Hammersmith is home to businesses working in many different sectors.
Why Choose Hammersmith?
Benefiting from several tube lines and convenient access in and out of London, it’s easy to see why demand for office space in Hammersmith is going strong.
With major names such as Coca-Cola and Disney already calling Hammersmith home, the area’s reputation as a commercial hub and cultural hotspot continues to grow. The abundance of local amenities – which includes the ever-popular Hammersmith Apollo – is further proof that Hammersmith offers ample scope to work hard and play hard.
The Cost of Serviced Office Space in Hammersmith
Due to a recent increase in the availability of stock and more attractive terms being offered by new operators, Hammersmith has seen office prices fall by 29% over the past two years.
With lower prices but great facilities and amenities, it’s no surprise that offices in this area are popular with business owners.
King Street (£350 pp/pm)
Shepherd’s Bush Road (£400 pp/pm)
Charecroft Way (£408 pp/pm)
Hammersmith Broadway (£595 pp/pm)
Average rate per workstation (2018): £482 pp/pm
Considering Paddington’s proximity to iconic London locations such as Hyde Park and its relatively affordable rate per workstation, there’s little doubt that Paddington is deserving of a place on our list.
Why Choose Paddington?
Much of Paddington’s commercial attraction lies in its connectivity. Conveniently located in the City of Westminster, Central London, the area provides easy access to London as a whole.
Most recently, Paddington has strengthened its reputation as one of London’s key hubs for businesses active in the digital technology sector. From payment solution provider Visa to internet security giant Kaspersky Lab, many tech-focused businesses have chosen to set up shop in Paddington – and for good reason.
The Cost of Serviced Office Space in Paddington
Now with a greater availability of flexible offices than two years ago, the average office price has fallen by 32% – last year, the average rate per workstation was £482 per month.
With regeneration work also happening in the area, this district is proving to be a great place to search for affordable and fantastic spaces.
Olympia Mews (£300 pp/pm)
Praed Street (£350 pp/pm)
Old Marylebone Rd (£450 pp/pm)
Eastbourne Terrace (£650 pp/pm)
Merchant Square (£800 pp/pm)
Average rate per workstation (2018): £501 pp/pm
Often associated with culture and trendy places to eat and drink, Shoreditch has quickly become one of the most popular areas for startups and young businesses looking to establish themselves cost-effectively in Central London.
Why Choose Shoreditch?
Situated in London’s iconic East End, Shoreditch is known to many for its vibrant nightlife, cultural highlights and convenient location. In recent years, the area has also strengthened its reputation for providing an attractive business climate for commercial ventures of all kinds – especially startups and scaleups that are just beginning to find their feet in the marketplace.
From billion-pound money transfer giant TransferWise to video game developer Bossa Studios, Shoreditch undoubtedly boasts its fair share of exciting businesses. Helping entrepreneurs establish themselves at the heart of the capital whilst sparing precious resources, the area’s popularity shows no signs of slowing down any time soon.
The Cost of Serviced Office Space in Shoreditch
In 2018, the average rate per workstation was £501 per month, placing offices in Shoreditch firmly in the middle of the price scale.
With offices available at a reasonable price, access to fantastic amenities and new business centres opening on a regular basis, it is no surprise that over the past four years, our transactions for offices in Shoreditch have grown by 69%.
Curtain Road (£369 pp/pm)
Shoreditch High Street (£525 pp/pm)
Rivington Street (£525 pp/pm)
Average rate per workstation (2018): £597 pp/pm
Despite enjoying a reputation as one of London’s most iconic areas, flexible office space in Soho sits in a medium price range whilst offering commercial residents a first-rate location and facilities.
Why Choose Soho?
Situated between several high-end London areas such as Mayfair, Fitzrovia and Covent Garden, Soho is one of the most sought-after areas for businesses searching for flexible and serviced office space in Central London.
A stone’s throw away from the likes of Piccadilly Circus and Oxford Circus, it’s easy to see why Soho attracts a diverse range of businesses as well as wandering tourists. Particularly popular with businesses working in the creative and digital sectors, Soho offers a wealth of office space to suit every commercial need.
The Cost of Serviced Office Space in Soho
Last year you could expect to pay around £597 per person per month for an office in the Soho area. However, with more flexible workspaces opening in the area, prices are expected to fall in the next few years as the market becomes more competitive.
Carlisle Street (£500pp/pm)
Wardour Street (£900 pp/pm)
Broadwick Street (£1100pp/pm)
Average rate per workstation (2018): £651 pp/pm
As one of central London’s most desirable postcodes, the average price of office space in Victoria comes in at the higher end of the scale. Having said that, the abundance of serviced office space in Victoria means that there are many attractive deals to be found for businesses who know where to look.
Why Choose Victoria?
Home to countless legal firms, accountants, business consultants and more, Victoria is no stranger to commercial activity. Functioning as Westminster’s central business district, the likes of Terminus Place and Victoria Station have helped to establish the area as a major transport hub.
As such, it’s no surprise that the area has drawn in a diverse range of businesses looking to get in on the action. Victoria definitely offers ample choice as far as office space is concerned, and the value for money on offer cements its continued popularity further.
The Cost of Serviced Office Space in Victoria
As a central area of the city, the average price for a workstation in Victoria last year was £651 per month.
However, with a 69% increase in the number of workstations available, prices could change as business centers look to maintain a competitive position in the market.
Bressenden Place (£473 pp/pm)
Wilton Road (£634 pp/pm)
Victoria Street (£1325 pp/pm)
Average rate per workstation (2018): £754 pp/pm
Kensington has long enjoyed a reputation as one of London’s most affluent areas, fascinating home-grown Londoners and tourists alike. For businesses, the area offers some of the most desirable serviced offices in London.
Why Choose Kensington?
Offering a central location and a rich cultural heritage that boasts some of London’s most notable museums, restaurants and other hotspots, Kensington enjoys widespread renown as a highly prestigious postcode.
The quality of office space dotted throughout the area is reflective of that fact, prompting many businesses to put down roots in Kensington. Although average pricing is considerably more expensive than some of the other areas featured on our list, finding the right Kensington office doesn’t necessarily have to break the bank.
The Cost of Serviced Office Space in Kensington
As one of the most desirable areas of London, office space in Kensington and Chelsea is slightly more expensive. Last year the average cost per workstation was £754 per person per month, which is an 18% increase on prices five years ago.
However, with a wide range of spaces available, you can still find offices for anything in between £600 and £1400+.
Allen Street (£600 pp/pm)
Kensington Church Street (£1000 pp/pm
Kensington High Street (£1300 pp/pm)
Average rate per workstation (2018): £871 pp/pm
As an undisputed highlight of London’s West End, Mayfair is the ideal area to round off our list. Its high-end feel resonates through virtually every aspect of the area, and as a result, Mayfair offers some of the most sought-after flexible office space available in London today.
Why Choose Mayfair?
Mayfair’s exclusive status has helped drive a rapid influx of companies looking to secure the very best office space to house their operations. As such, the area has proven particularly popular with firms active in the finance and investment sectors, with investment banks and hedge funds leading the charge.
As some of the most influential players in the commercial sector continue to descend upon Mayfair, the area offers immense commercial potential. Consequently, businesses of all descriptions and complexities are eager to secure a slice of Mayfair office space for themselves.
The Cost of Serviced Office Space in Mayfair
Looking at the average cost per workstation over the past five years, Mayfair unsurprisingly has one of the highest workstation rates. This is largely due to both the quality of the office space and the prestigious setting.
Despite retaining its title as one of the most desirable areas of London, these rates have remained flat across the five years and you can expect to pay an average of £871 per person per month.
Grafton Street (£750 pp/pm)
Berkeley Square (£1125 pp/pm)
Hill Street (£1600 pp/pm)
In Search of a Serviced Office Space in London?
If you’re looking for a serviced office space in London, get in touch with the Office Freedom team today. We’ve helped tens of thousands of clients find their ideal office – and we can help you do the same.