For many businesses, the costs involved with finding their perfect office space in London can seem like a tall order – but it doesn’t have to be.
London is a global hub for finance, technology and many other business sectors, and there are many advantages to locating your business in London. 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 are over 850 flexible serviced office spaces in Central London alone and everyday more locations become available. 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 (2020): £413 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 and thriving market, Camden is also a popular choice for professionals and businesses looking to put down their roots. Camden stretches from Holborn and Bloomsbury in the South to Hampstead Heath in the North covering a total area of 8.4 Square Miles.
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 start-up businesses in London, providing a home for businesses from Fintech to Finance and Digital to Design. It now competes with other well-known districts such as Shoreditch.
What’s more, the area’s road, overground and underground 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 £413 per month in 2020, 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.
Bayham Street (from £362 pp/pm)
Kentish Town Road (from £475 pp/pm)
Camden Lock Place (from £600 pp/pm)
Average rate per workstation (2020): £341 pp/pm
Hammersmith is the next London area that delivers exceptional value for relatively little money. Serviced office space in Hammersmith is now one of the most affordable locations in London with a generous supply of offices and many bargains to be had. 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, Hammersmith is well connected. With the accessibility of the M4 and convenience of Heathrow airport 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 and Hammersmith Broadway shopping centre – 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 24% 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.
Fulham Palace Road (from £250 pp/pm)
Lyric Square (from £475 pp/pm)
Hammersmith Grove (from £760 pp/pm)
Average rate per workstation (2020): £649 pp/pm
Paddington has seen a sharp increase in average prices over recent years due to high demand and limited availability. Paddington has been transformed into a vibrant business location with some of the most desirable serviced office space in London, surrounded by green spaces and excellent transport links. Considering Paddington’s proximity to iconic London locations such as Hyde Park and its excellent access to the rest of London, 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.
Paddington is home to commercial giants such as Vodafone and Prudential. 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
Office space in Paddington is in high demand from London businesses. Now with a greater availability of flexible offices than a year ago, the average office price has fallen by 16% year on year, the average rate per workstation is now £649 per month.
With regeneration work also happening in the area, this district is proving to be a great place to search for contemporary serviced offices in London.
Spring Street (from £300 pp/pm)
Kingdom Street (from £519 pp/pm)
Eastbourne Terrace (from £650 pp/pm)
Merchant Square (£800 pp/pm)
Average rate per workstation (2020): £454 pp/pm
Often associated with culture and trendy places to eat and drink, Shoreditch has quickly become one of the most popular areas for start-ups and young businesses looking to establish themselves cost-effectively in Central London. The vibrancy of Shoreditch helps businesses located there attract the best kind of talent.
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 start-ups and scaleups that are just beginning to find their feet in the marketplace.
With Liverpool Street, Old Street and Moorgate stations on your doorstep, commuting is easy. The Cycle Super Highway 1 runs from Shoreditch to Tottenham and provides an attractive cycle route for North London residents.
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 2020, the average rate per workstation was £454 per month, placing offices in Shoreditch firmly in the middle of the price scale.
Shoreditch is at the heart of London’s Tech City along with neighbouring areas including: Aldgate, Hackney, Hoxton and Spitalfields. In 2019 there were 102 flexible serviced offices in Tech City, one of the most popular areas in which to find serviced offices in London. 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%.
Bethnal Green Road (from £250 pp/pm)
Appold Street (from £525 pp/pm)
Hackney Road (from £750 pp/pm)
Average rate per workstation (2020): £675 pp/pm
Despite enjoying a reputation as one of London’s most iconic areas, looking at flexible office space in Soho, costs have fallen by 12% year on year, offering businesses a prime central location at a more affordable price.
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. Soho has its own strong community feel established over many years and numerous businesses enjoy the community spirit shared within its narrow streets.
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
A year ago, you could have expected to pay around £768 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 as the market becomes more competitive.
Carlisle Street (from £500 pp/pm)
Old Compton Street (from £690 pp/pm)
Broadwick Street (£1100pp/pm)
Average rate per workstation (2020): £774 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?
Victoria has undergone a transformation in recent years with the construction of major commercial and retail developments which has created desirable office space. 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. In 2019, 36 separate serviced office space locations were listed in the prestigious SW1 postcode and strong demand has maintained prices throughout the area.
The Cost of Serviced Office Space in Victoria
As a central area of the city, the average price for a workstation in Victoria this year is £774 per month, a modest 6% drop on 2019 average rates.
However, despite a significant number of offices becoming available, prices have only witnessed a small decline underlining the popularity of Victoria as a London Business location.
Grosvenor Gardens (from £393pp/pm)
Victoria Street (from £557 pp/pm)
Bressenden Place (from £1023 pp/pm)
Average rate per workstation (2020): £684 pp/pm
Kensington has long enjoyed a reputation as one of London’s most affluent areas, fascinating home-grown Londoners and tourists alike. Located in the Royal Borough of Kensington and Chelsea, Kensington is the smallest London Borough. 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. Kensington has long been a magnet for the music industry, creatives and fashion businesses.
Commercial giants like Warner Bros, Talk Talk and The Independent have offices in Kensington and smaller businesses have been drawn to offices within its character buildings such as converted warehouses and churches. 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 £746 per person per month, but now the average price is around £684 which is an 8% reduction and helps keeps Kensington in reach of most businesses looking for desirable serviced office space in London.
However, with a wide range of spaces available, you can still find offices for anything in between £450 and £1200 pp/pm.
Kensington High Street (from £478 pp/pm)
Kensington Church Street (from £1000 pp/pm)
Kensington High Street (£1200 pp/pm)
Average rate per workstation (2020): £749 pp/pm
Last but not least on our list is Mayfair, the most expensive property on the Monopoly board and arguably the most prestigious location in London. 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, refined and classy 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. Offices occupy handsome period buildings and brand-new contemporary developments and nestle amongst the exclusive hotels, smart bars, fine restaurants and galleries.
As some of the most influential players in the commercial sector continue to descend upon Mayfair, the area offers immense commercial potential. Mayfair is home to famous names such as KPMG, Carter Jonas LLP and Harrods Estates. 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 fairly flat across the last five years, although in 2020 there are definitely deals to be struck. For a serviced office in London’s Mayfair you can expect to pay on average around £750 per person per month.
North Row (from £600 pp/pm)
Hanover Square (from £1100 pp/pm)
Hill Street (from £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.
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