Securing an affordable yet functional office space in London is often easier said than done. This bustling metropolis is among the world's most expensive cities to operate a business. Startups, in particular, struggle with high rental costs that can seriously strain their budgets.
According to Statista, the average cost of office space in London's West End reached around £112.5 per square foot in 2021. This financial hurdle makes it challenging for fledgling businesses to allocate resources to other crucial areas like marketing and talent acquisition.
However, there's good news: London offers an array of economical office spaces for startups if you know where to look.
5 Great Affordable Office Spaces in London
1. WeWork Moorgate
Nestled in the heart of the city's bustling financial district, WeWork Moorgate offers a variety of budget-friendly workspaces perfect for startups.
With prices starting at just £350 per month, the space offers an array of amenities like high-speed internet, state-of-the-art meeting rooms, and communal kitchenettes stocked with free coffee and snacks. Plus, it's conveniently located near Moorgate station, providing easy access to public transport.
2. The Office Group (TOG), Angel
Situated in Angel, a vibrant area of North London, TOG's Angel location provides a range of flexible office configurations tailored to startups. Priced from £400 per month, the venue offers top-notch facilities like a stunning rooftop garden for relaxation and an in-house gym to keep you active during your workday. Being near Angel tube station, it's a convenient location for both client meetings and team outings.
3. Techspace, Shoreditch
As the name suggests, Techspace in Shoreditch is a haven for tech-centric startups. With monthly rates beginning at £380, the location offers scalable workspaces, ideal for startups anticipating rapid growth. Additional perks include break-out areas for casual meetings and dedicated event spaces for hosting workshops or networking events. The proximity to Shoreditch High Street station also makes it a commuter's dream.
4. Spaces, Oxford Street
For startups keen on establishing their presence in one of London's most prestigious areas, Spaces on Oxford Street has a lot to offer. Starting at £375 per month, tenants can enjoy a chic, modern lounge area, professional conference rooms, and fully-stocked coffee bars. The close proximity to Oxford Street tube station ensures a smooth commute for you and your team.
5. Regus, Canary Wharf
A household name in office spaces, Regus’ Canary Wharf location offers cost-conscious solutions for startups without sacrificing quality. Starting at £340 per month, amenities include access to well-equipped meeting rooms, video conferencing facilities, on-site cafes for those coffee breaks, and a dedicated business lounge for informal discussions. The locale is just a stone's throw away from Canary Wharf station, making it easily accessible for everyone.
By considering these options, startups can secure an affordable yet well-equipped workspace that not only fits within their budget but also supports their business needs.
Cheap Co-working Spaces: An Even More Economical Choice
For startups functioning on a lean budget, long-term private office rentals might be a financial stretch. That's where co-working spaces step in as a viable alternative. Offering shared work environments, co-working spaces are not just lighter on the wallet; they also bring several other benefits to the table.
These spaces are hotbeds for networking, providing a diverse and dynamic community of professionals to interact with. Many even host workshops, talks, and social events, adding educational and leisure components to the work experience. Here are five affordable co-working spaces in London that pack in an array of features.
1. Work.Life, Camden
Situated in the bustling neighbourhood of Camden, Work.Life offers hot desking options starting at £200 per month. The space is rich in networking opportunities, bolstered by frequent social and educational events. Other amenities include communal kitchen spaces and printing facilities.
2. Huckletree, West
With prices beginning at £225 per month, Huckletree in West London presents an eclectic mix of work and relaxation spaces. It includes not just hot desks but also recreational areas, including an in-house cinema for unwinding after a day’s work.
3. Launch22, Kings Cross
More than just a co-working space, Launch22 also functions as an incubator. Monthly memberships start at £250, and this fee grants access to mentorship programs, as well as basic amenities like high-speed internet and free coffee.
4. The Cube, Shoreditch
Tailor-made for creatives and freelancers, The Cube offers artistically designed workspaces and prices starting at £220 per month. Apart from standard amenities like Wi-Fi and printing, it also offers a host of workshops aimed at creative development.
5. Bathtub 2 Boardroom, Bank
Located in London’s financial district, Bathtub 2 Boardroom is geared towards fledgling entrepreneurs. Memberships begin at £195 per month and feature a wealth of networking events and panel discussions, in addition to basic office amenities.
Co-working spaces are a real boon for startups operating on tight budgets, offering not just affordable workspaces but also a platform for networking and skill development. By opting for such spaces, you can find an economical way to grow and thrive in the competitive London business environment.
Finding affordable office spaces in London is indeed a tough task, but not an impossible one. Whether you're looking for private offices or co-working spaces, the city has something for every startup's budget.
Evaluating the trade-offs between location, amenities, and cost can lead to finding a space that’s not only affordable but also conducive to your business growth. In a city teeming with opportunities, securing the right base can be the first step to startup success.