If you’re looking for cheap office rental space in London (UK), you’ve come to the right place! This blog post will give you all the tips and tricks to find an office space for rent in London (UK) at the right price for you. There are tons of ways to make hefty savings on the rent and maintenance you pay for private office services in London. Here’s what to look for when renting office space on a budget.
LOCATION IS KEY
It’s no secret that office rent in central London is through the roof. So it’s worth really thinking about just how central you actually need to be.
For example, Impact Brixton is based literally around the corner from Brixton station, which is only 14 minutes away from central London on underground trains that typically depart every two minutes. So you can be in the centre of town in no time! It’s also based in the heart of Brixton Village (SW9 8LA), which is a renowned hub for small business.
Average office prices in Soho start at a whopping £60 per square foot per month. And they rise to over £145 per square foot for Grade A spaces in premium areas like St. James’s and Mayfair! At Impact Brixton, you can get an office for just £6.40 per square foot per month. That’s a phenomenal difference, especially in the era of hybrid working, when you probably won’t be in the office every day anyway.
FACTOR IN HYBRID WORKING
You may have 20 people in your team. But are they ever going to be in all at the same time? Many companies are now opting to choose a serviced office space that will comfortably fit just 60% of their team, allowing their team to work remotely for one or two days per week. This is a really great way to reduce the amount of money you’re spending on rent and services for an office lease in London.
At our office space in South London, we have options for teams of four to 20 people, with plenty of meeting rooms you can book at a discounted rate. This is ideal for teams that only occasionally entertain external clients, and so don’t need to pay the cost of a meeting room on a permanent basis.
WATCH OUT FOR HIDDEN FEES
The world of work is changing rapidly at the moment. And it’s totally fair that many office rental providers are charging early termination fees for clients who decide to leave their office space before their lease is up. These companies have a cashflow, too!
That does mean, though, if you’re considering renting a serviced office space for your team, it might be worth finding a short term office rental that you can extend if needed. The last thing you want to do is find that when your needs change, you’re locked into a long lease with a hefty early termination fee.
Other hidden fees may include utilities bills, construction costs, maintenance and repair costs, moving costs, insurance and VAT on rent. You’ll also need to buy comprehensive tenant insurance to protect yourself. So don’t just choose the cheapest price per square metre – take the time to do plenty of research into the associated costs for each of your options so you can choose the office that’s truly the best fit for your budget.
CONSIDER COWORKING
How many people are in your team? If your team is pretty small, it might make more sense to rent desks in a coworking space, rather than renting a private office. Not only does this have the huge advantage of helping you to save money on private office rental, but it could also be crucial to growing your business.
The great thing about working in a coworking space is that you meet tons of other businesses and entrepreneurs in a really organic setting. It’s a great way to grow your network without spending time and money attending a dedicated networking event.
For example, more than 80 creative entrepreneurs hot-desk at Impact Brixton, and this has led to tons of collaborations within our community. Being part of a community like this also has the huge advantage of building your contacts. If you need something done, like logo design, copywriting, or social media marketing, we definitely know a freelancer who can help you out.
Don’t overlook coworking as a cheap alternative to renting a private office. It’s a great way to save money, and it can also help you to grow your business! You can hotdesk from just £35 per month in our light and airy coworking space in the heart of Brixton Village. Check it out!
CONSIDER A VIRTUAL OFFICE
Research from second quarter 2023 property reports shows a take-up of space in Central London totalling 2.0 million sq ft, which is a decrease of 7% from the previous quarter and 20% below the 10-year Q2 average. Fewer and fewer companies are choosing to rent a physical office space for their business. SO it’s worth considering whether you really need one at all!
One of the main reasons people still pay for a physical private office space for their business is that it can really help to give your company a professional image. But did you know that you don’t actually need to rent a physical space to have a professional office address?
With a virtual office, you can use your virtual office provider’s address as your official registered business address. That means that when you register your company with Companies House – a legal requirement in the UK – you can use your virtual office provider’s professional postcode as your business address.
Not only is this a really brilliant way to boost your brand with an impressive address in a desirable business location, but it’s also a great way to protect your privacy. Companies House is a publicly accessible database, which means that anyone can look up information about your business, including your business address. So even though it’s perfectly legal to use your home address as your business address, you may not want to share this information!
You can rent a virtual office at Impact Brixton from just 0.41p per day. This gives you access to our professional business address in the heart of Brixton Village, along with access to our friendly and welcoming coworking space, serviced meeting rooms and networking events. And if you use the discount code IMPACT30, you can get your first month free!
KEEP AN EYE OUT FOR DISCOUNTS
Lots of companies offer industry-specific discounts on their office space in London. For example, at Impact Brixton we’re really dedicated to supporting deeply committed to supporting community-driven social enterprises and charities, which is why we offer a small discount for anyone who is working towards social change in the community. It’s always worth asking if there’s a deal or discount that you can access when chatting to office rental providers in London. The worst they can say is no!
DON’T FORGET TO NEGOTIATE
Don’t hesitate to negotiate the terms of your lease or rental agreement. It’s a really competitive market out there for office rental, meaning that landlords and private office providers might be open to offering more favourable terms in order to secure tenants.
It can be nerve-wracking to negotiate, but if you don’t ask, you don’t get. So be polite, outline what you need, and see if there’s anything the company can do to help you out. Here’s a useful guide to how to negotiate a commercial lease1
FREQUENTLY ASKED QUESTIONS
How much does it cost to rent an office in London?
When you rent an office in London, the price can vary based on lots of factors including location, size, type of office space, and amenities offered. Typically, it’s a lot cheaper to rent an office space in South London than Central London – and with fantastic transport links throughout London, you won’t compromise on accessibility to the amenities right in the centre of town. You can find a useful guid to the average cost of renting an office in each area of London here.
What is a shared office space?
A shared office space in London typically consists of an open workspace where staff from multiple teams or companies come together to work in a neutral shared area. This can be really useful in terms of saving on rent and services, and using a shared office space can also help you to access amenities you may not have been able to afford when renting a private office space just for your company.
Using a shared office space can also really help you to grow your network. You’ll meet lots of other companies and entrepreneurs, and you might even find projects that your businesses can collaborate on. It’s a great alternative to hiring a private office just for your company.
Check out Impact Brixton’s shared office space for a cheap private office rental option in the heart of Brixton Village, a renowned hub for small businesses in South London.
Where is the best place to rent an office in London?
The best place to rent an office in London depends on your specific needs and budget. Central London offers prime locations, but the rent in Central London can be really expensive. Consider looking at options in areas like Impact Brixton in South London, which is just 14 minutes away from central London on an underground train that departs approximately every two minutes. Rents are much cheaper, and you don’t have to sacrifice accessibility to central London.
You’ll also want to consider things like parking and accessibility. For example, are there people in your team that cannot use stairs? If so, you’ll need a building with a lift. These are all important things to consider when looking for the perfect location for your office.
Where can I find cheap office space in London 2024?
It’s a volatile market out there, so it’s with breaking in mind that prices are liable to change. So it’s worth double checking with the provider before you book (and remembering to negotiate!). Here are some examples of cheap office space in London in the meantime:
- Impact Brixton, from £300 per person per month – rated 4.8 on Google
- Canvas Offices, from £325 per person per month – rated 5 on Google
- LentaSpace’s Coppergate House, from £390 per person per month (with a discount for charities!) – rated 4.5 on Google
- Regus, from £425 per person per month – rated 4.4 on Google
- The Office Group’s 1 Lyric Square, from £475 per person per month – rated 4.6 on Google
CONCLUSION
There are tons of options out there if you’re looking for cheap office space in London 2024, and plenty of tips and tricks to make sure you get the best deal possible.
Consider exploring options that are slightly outside but still super accessible to super London to make huge savings on rent and services. Remember to factor in hybrid working, and opt for a serviced office space that accommodates part of your team, aligning with remote work trends. Don’t forget to research any hidden fees. And consider cost-effective alternatives including virtual offices and coworking spaces!
Impact Brixton offers affordable serviced private offices, a friendly and welcoming coworking space, along with cheap virtual office packages that can give you a professional image for your business and help you to grow your network. Use the code IMPACT30 to get your first month free of any of our virtual office packages!
