A guide to London’s alternative working spaces for startups seeking value in 2018
Writing for Business Advice, Cal Lee, head of flexible office marketplace Workthere, offers micro business owners a guide to London’s most affordable alternative working spaces, taking cost, culture and potential into account.
For startups and businesses looking to scale up or down, the cost of your office is often the key considerationwhen searching for new office space, be it co-working or serviced offices. It can also be quite an overwhelming task if you are not familiar with a city, area or the type of space that is available.
Below are some of the areas in London that offer a good value alternative to the more traditional office locations.
Southbank has increased in popularity over recent years particularly given it has seen a substantial rise (105 per cent year-on-year) in venture capitalist investment into start-up companies located in this area.
However, a lack of new office supply coming to the market in the last 12 months has resulted in a growing supply/demand imbalance, inevitably impacting serviced office rents, which have risen from 650 per person to 750 to 850 per person per month.
Situated just 10 minutes? walk from London Bridge or one stop on the Northern Line, Borough is a great alternative to Southbank. Uncommon opened there last year and FORA is set to open there in early 2018 which, combined with the existing stock, provides some great value alternatives to those around London Bridge and Waterloo, with prices around 550 to 700 per person per month.
Borough offers a variety of great local amenities, including Mercato Metropolitano, a very popular Mediterranean marketplace.
Browse some of the serviced options for Borough
Angel?(alternative toking’s Cross)
King’s Cross, one of the principal homes for Google, has become the new employment destination for London, boasting both superb green space and an outstanding food and beverage offer with the imminent opening of Coal Drops Yard adding a further 250, 000 sq ft of excellent retail space.
These contributing factors have generated a significant premium with serviced office rents rising to levels between 800 and 900 per person per month.
Angel, just one stop along the Northern Line, offers a competitive alternative with serviced office space around 500 to 600 per person per month. It also provides a vibrant mix of different bars, restaurants and cafes, making it one of London’s most popular areas to live. Both RocketSpaceand The Office Group (TOG)launched in Angel last year providing space for ambitious start-ups to scale their business.
Browse some of the serviced office options for Angel
Aldgate?(alternative to’shoreditchandold Street)
Shoreditch and Old Street Roundabout remain the kings of tech? and are home to most start-ups in London with serviced office rents ranging from 650 to 850 per person. However, Aldgate is increasingly proving an attractive location for those businesses seeking more value for money when it comes to their office.
Situated just south of Shoreditch and close to Whitechapel, Aldgate now offers a great range of amenities with popular local restaurants such as Culpepper and Yuu Kitchen. In the last year several new providers opened including Mindspacewith its first UK location.
We have found that Aldgate is increasingly becoming a very popular location for start-ups and scale-ups and is a great option for those businesses that don’t want to comprise on quality with serviced office rents around 450 to 550 per person per month.
Browse some of the serviced office options for Aldgate
Mayfair remains the most expensive serviced office market in London, with prices around 1, 100 to 1, 200 per person per month. In the past 12 months Victoria has established itself as an excellent alternative, offering larger spaces as well as lower rents, which are in the region of 650 to 850 per person per month. LEO, TOG, Central Working and i2 Office have all launched new locations in Victoria, which has greatly increased the quality of available space and the profile of the area.
In addition, Victoria is seeing major regeneration with Landsec’s development around the station. NOVA, is now home to a variety of great bars and restaurants including Sticksn’sushI and Will Ricker’s Stoke House. For hedge funds or private equity companies seeking a more vibrant location than the traditional Mayfair, Victoria is a great alternative.
Browse some of the serviced office options for Victoria