Compare prices on office space and coworking desks across the City of London.
Stretching along the River Thames from Temple to Aldgate Station and in the North from Golden Lane Estate to the Blackfriars, Southwark and London Bridges, the city of London is an ideal choice for businesses of all kinds to conduct their operations. And with only 8000 residents, it's no surprise that the City of London is known more for the 350,000 workers who commute there by walking, cycling, or taking the underground tube or train each day.
As London's financial district, the City of London includes the largest number of serviced offices and coworking desks in London. In fact no other city in the UK comes close to the options available for businesses and startups to choose from. Whether it's the bare basics or luxury in a tier one building, businesses choosing to operate in the City of London have the widest range of options to choose from.
For fans of architecture, the City of London is also home to many of London's tallest and notable skyscrapers. From Twentytwo at 22 Bishopsgate and the Leadenhall building at 122 Leadenhall Street to the architectural wonder of 30 St Mary Axe and the "Walkie Talkie" at 20 Frenchurch Street, there's an office in or near many of these great buildings.
With a million square feet of flexible office space available, the City of London represents 18 percent of the short term office space available across the UK. And with such a large concentration of offices, it's no wonder that the city also saw a large exodus of workers during the numerous lockdowns over the past two years which also led to a higher than normal vacancy rate across both traditional and serviced offices. Like Manchester, the amount of flexible office space increased throughout the pandemic as companies were forced to work from home and where possible exited their flexible short term rental agreements. The following chart highlights the increase in floorspace seen from the early months of the pandemic through to December 2021.
According to a recent coworking trends survey conducted by Deskmag, office operators in Europe noted that up to 33% of their current space was vacant with another 9% blocked due to existing Covid-19 rules. As restrictions are relaxed and workers once again get use to more confined spaces, we'd expect operators to slowly bring this additional space back into the mix adding to the current availability of floorspace.
While many areas across London have seen double digit drops in prices during the past two years, the City of London's superior office quality has dampened any major price increases, with the median price dropping only 8% from £768 per desk to £710 in Dec 2021 closely following the eb and flow of periodic lockdowns.
With restrictions ending and businesses looking to bring their teams back together again, we expect prices to remain soft throughout the first half of 2022 as operators look to rent out their excess office capacity. For those businesses looking to rent new office space, there should be some great deals on offer such as free rent for 1-3 months for those businesses willing to commit to longer terms of 1 year or more.
|Median Office Rate Per Person||Median Coworking Desk Rate||Flex Floorspace Available (sq. ft.)||Available Desk Capacity|
When considering the cost of a serviced officed, it's important to know that prices vary by a range of factors including location and the size of the office. Larger offices tend to cost a bit more as they may include private meeting rooms, extra amenities as well as a private entrance. Median rates in the City of London range from £676 per desk for a 5-10 person office to £771 per person for a private 26-50 desk enterprise office.
When it comes to finding the perfect office for your business in the City of London, access is everything. With so many offices located within such as small radius, you will generally find multiple options with a 10 minute walk of a major tube or train station. The following chart breaks down the median office price per person for offices located within a 10 minute walk of a station. For the budget conscious, you'll find better deals near Barbican and Chancery Lane stations for under £653 per person while those wanting to be closer to Liverpool Street station will need a larger budget of £801 per person and up.
Whether you're a sole trader, a startup with a team of 10 or a well established business in need of an office for 500, the City of London has the widest selection of different sized offices available. Though offices for teams under 15 people represent 62% of all available offices giving small businesses the widest range of options including Our Space at a median price of £351 per person up to £792 per person at WeWork these offices only occupy 22% of the available floorspace.
On the other side, larger spaces for teams of 16 or more make up 81% of the floor space and tend to have a much higher median price due to special inclusions such as private floors, meeting rooms, entrances and amenities that cater to specific business needs. Though these enterprise offices for larger teams of 50 plus staff are limited in areas outside London, the same cannot be said for the City of London where medium to large businesses have plenty of opportunities from hosts such as Uncommon, Hana, WeWork and Situu to accommodate large teams.
Like many factors in business, office space comes in many different varieties often defined by location, quality of the building and amenities. In the City of London, Milo Offices, Pennie Way, Canopy and Our Space have offices available for under £400 per person. while Situu, Storey, and Ocubis provide a higher end option for those businesses with budgets over £900 per desk.
Comparing one operator to the other is not recommended on price alone though as most operator's have their own style & fitouts that differentiate them from other hosts. Thus we often recommend that businesses tour a number of spaces to get a good sense of the overall style rather than selecting on price alone. WeWork vs Regus for example often have very different styles. While WeWork's office style is often described as casual and relaxed, Regus (IWG) is professional and corporate.
With such a large number of workers commuting each day, the location of your office to transit is critical. Thankfully, there are hundreds of private offices available within a 10 minute walk of many of London's top tube stations.
|City||1-4 Desks||5-10 Desks||11-15 Desks||16-25 Desks||26-50 Desks||50+ Desks|
|Chancery Lane Station||£584||£608||£648||£694||£627||£675|
|Liverpool Street Station||£775||£708||£830||£827||£855||£843|
|Tower Hill Station||£834||£757||£752||£753||£748||£785|
Source Rubberdesk. All prices shown exclude discounts and offers. Talk to us about the latest offers available.
As of March 23, 2022, the median price for office space in the City of London is £728 per person per month.
The median cost to rent a coworking hot desk in City of London is £275.50 per desk.
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