Market Insights: London's Flexible Office Space Market Report - Q3 2024
Your guide to find & compare office space on the Elizabeth line in London.
With the new Elizabeth Line complete, people who live and work in London are getting an easier commute. This railway connects London’s existing rail lines, giving people more flexibility and access to move throughout the City. Nine stations serve this new line, and many have undergone renovations to help manage traffic increases.
These sleek and modern stations offer new accessibility and information features, making navigation easy for anyone who needs to use transit. Now that London is more accessible, more office locations are available to consider. Here is the lowdown on each station, including surrounding attractions and other features that make each station ideal for coworking spaces
As the original underground line, the Met passes through some of the busiest stations in Central London including Farringdon and Liverpool Street and has been responsible for helping everyday Londoners get to their place of business for decades. When it comes to office space, you'll find the greatest variety of locations, building quality, and options located within easy walking distance of these two stations. Here's just a snapshot of today's office prices noted by person per month for a range of office sizes.
Station | 1-4 Desks | 5-10 Desks | 11-15 Desks | 16-25 Desks | 26-50 Desks | 50+ Desks |
---|---|---|---|---|---|---|
Paddington Station | £790 | £763 | £833 | £825 | £813 | £934 |
Bond Street Station | £867 | £800 | £909 | £848 | £864 | £454 |
Tottenham Court Road Station | £572 | £363 | £572 | £705 | £834 | £1,069 |
Farringdon Station | £690 | £583 | £646 | £653 | £743 | £869 |
Liverpool Street Station | £690 | £624 | £641 | £652 | £725 | £751 |
Whitechapel Station | £583 | £550 | £646 | £641 | £670 | £625 |
Canary Wharf Station | £467 | £450 | £492 | £490 | £490 | £875 |
Source Rubberdesk. The median price is shown per person per month based on a 12-month term - July 2024
Median Office Rate Per Person | Median Coworking Desk Rate | Flex Floorspace Available (sq. ft.) | Available Desk Capacity |
---|---|---|---|
£450 | £249 | 63,650 | 1,273 |
A newer addition to London’s thriving public transportation system, Canary Wharf Station initially opened in 1999. Because it is newer, this station was designed for a high volume of passengers. The station serves the Jubilee Line along with the Elizabeth Line. It’s part of a mixed-use development that also includes shops and offices.
Canary Wharf is home to the Canada Place shopping center, which offers plenty of stores and dining options. The Sea Life Aquarium is easily accessible, along with the Crossrail Place Roof Garden. After a long day, workers can relax at the Third Space Spa or take a Bikram yoga class nearby. There are also several pubs like Electric Shuffle for blowing off steam at the end of the day.
Pro Tip: One of the last areas to return to the office, is now only a 7-minute commute from Liverpool Street station. The new Elizabeth line is a real game-changer for Canary Wharf. With a median rent of only £450 per desk per month, there is something for everyone from small offices for 1-4 people to enterprise offices for 50 plus staff.
Median Office Rate Per Person | Median Coworking Desk Rate | Flex Floorspace Available (sq. ft.) | Available Desk Capacity |
---|---|---|---|
£445 | £300 | 52,950 | 1,059 |
Serving the London Underground, the London Overground, and the Elizabeth Line, the Whitechapel Station is a busy location for commuters. Its new concourse is spacious and well-lit, making it easier to navigate. Signage is available in multiple languages as well.
Brick Lane Market is within walking distance, with numerous dining and shopping options for people working near the station. Spitalfields City Farm is also close by for those who want to grab some fresh produce and other goods after work. A variety of offices are located near the Whitechapel station, including private offices and coworking spaces.
Pro Tip: Whitechapel station is ideal for those businesses who want easy access to the City of London without the price. With a median price of £445 per desk, this station has something for every type of business including nine larger enterprise offices with 50 or more desks starting as low as £300 per desk.
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Median Office Rate Per Person | Median Coworking Desk Rate | Flex Floorspace Available (sq. ft.) | Available Desk Capacity |
---|---|---|---|
£710 | £450 | 632,450 | 12,649 |
Liverpool Street station is located in one of London’s most well-known financial hubs. It connects to London’s High Walk and includes impressive architectural features that make the station fun to wander through. The area itself also features plenty of public art and interesting architecture.
As a business hub, it’s not surprising that the area offers plenty of fast dining options for a quick lunch, but workers can also enjoy a longer meal at places like the Eastway Brasserie. Popular attractions such as the Old Spitalfields Market and Brick Lane are within walking distance of the station. This station is in the Shoreditch area and connects to the National Rail and the London Overground. Office space is widely available nearby.
Pro Tip: Liverpool Street Station includes a wide variety of options for all business sizes including a mix of high-quality and budget-friendly spaces. Operators such as Regus and Landmark provide great corporate options while WeWork, FORA, Mindspace and Uncommon offices tend to be on a little on the trendy side.
Median Office Rate Per Person | Median Coworking Desk Rate | Flex Floorspace Available (sq. ft.) | Available Desk Capacity |
---|---|---|---|
£650 | £425 | 289,000 | 5,780 |
Farringdon Station is in Clerkenwell in Islington, which falls outside the city. It connects to the National Rail as well as the Elizabeth Line. Commuters can also access the Circle, Hammersmith, and Metropolitan Lines from this station. Farringdon Station was initially renovated in 2018 as part of the Thameslink expansion.
It offers 36 new ticket gates and five additional lifts for people with disabilities. In addition, this station has a living roof that serves as a habitat for native bird species. Farringdon features attractions like the Smithfield Market, Barts Pathology Museum, and Postman’s Park for anyone who wants to take a break from work.
Pubs and restaurants around the area include The Castle, Costa Coffee, and the Oriole Bar, among others. This is a good area for attractions, as the Tower of London and Buckingham Palace are within walking distance.
Pro Tip: Thanks to the new Elizabeth line and city Thameslink (links north to King's Cross and Luton as well as south to Gatwick), Farringdon is once again in demand. The area includes a mix of buildings styles and good availability that overflows into St Paul's, Blackfriars Station, Chancery Lane, and Clerkenwell. The station also provides access to a good mix of managed and self-contained office spaces.
Median Office Rate Per Person | Median Coworking Desk Rate | Flex Floorspace Available (sq. ft.) | Available Desk Capacity |
---|---|---|---|
£760 | £425 | 220,700 | 4,414 |
Tottenham Court Road Station is located in St. Giles Circus in London’s West End. The recently rebuilt station includes a new ticket hall, a new public plaza, better accessibility for people with disabilities, and restored artwork. Visitors can access the Central, Northern, and Elizabeth lines from this station, which is close to Soho Square Gardens.
There’s plenty to do in the area, including live theatre, cinema, and shopping. The area is also home to Phoenix Garden, which has beautiful shrubbery and flowers to enjoy during a break from work. For those looking for interesting attractions, this area is home to the Cartoon Museum and the British Museum. Popular restaurants such as Kikuchi and Pix in Soho are within walking distance of the station. With over 80 office spaces near the station, this bustling area is a great option for coworking and temporary office space.
Pro Tip: A great location with easy access to offices in SOHO, Fitzrovia and Holborn made even easier to access due to the new Elizabeth line. You'll find offices for 1-4 people for a median price of £832 per desk as well as larger enterprise offices for 50 or more people for £746 per desk at Workpad up to £1355 per desk at WeWork.
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Median Office Rate Per Person | Median Coworking Desk Rate | Flex Floorspace Available (sq. ft.) | Available Desk Capacity |
---|---|---|---|
£875 | £425 | 144,250 | 2,885 |
Located on Oxford Street near New Bond Street, Bond Street station will be reopening to the public this fall. Along with the Elizabeth Line, this station accesses the Central Line and the Jubilee Line. Planned upgrades to the station include improved accessibility features, making it easier to navigate for people with disabilities. Renovations will also allow the station to handle a higher volume of travelers.
Popular restaurants surrounding the station include the Mayfair Chippy, The Ivy Café, and Harry’s Bar, among many others. This area is also home to high-end shopping locations such as Chanel, Burberry, and Jimmy Choo. St. Christopher’s Place, Gray’s Antique Center, and the Cinema at Selfridge’s are also close by. This area features an abundance of office space available at different price points. Plus, they feature various working options from shared desks to private suites.
Pro Tip: With a high density of office space, Bond Street station covers the full spectrum of office sizes, though the area is pricey with a median price of £850 per desk for a 5-10 person office. Less expensive options are available starting at £386 per desk at Our Space. Larger enterprise offices for teams of 50 or more are also available at a median price over £1000 per desk from One Avenue Group and The Office Group.
Median Office Rate Per Person | Median Coworking Desk Rate | Flex Floorspace Available (sq. ft.) | Available Desk Capacity |
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£785 | £425 | 63,350 | 1,267 |
The Paddington Station connects to Heathrow, making it a busy hub for local and international travelers alike. Located on Praed Street in the Paddington area of Central London, this station connects to the Great Western Mainline, which runs to Bristol Harbor.
Paddington Station offers a variety of restaurants both in the station and around it; the food court features Upper Crust and Wasabi Sushi and Bento, among others. Office employees can grab a coffee at La Tazza or take clients to lunch at Paramount Lebanese Kitchen around the station.
The area is also home to several parks and gardens, perfect for taking a quick break from the hustle of business. People working near the station can see the famous Paddington Bear statue on their way home from work. With 31 properties available, it’s easy to set up a flexible office near this classic station.
Pro Tip: While inexpensive, space for smaller offices for 1-10 people is extremely limited with only a few operators having available offices. Though there are more options available for larger offices for teams of 10 or more people from the likes of WeWork, The Office Group and Storey, the median prices are upwards of £800 per desk per month.
The Custom House station was included on the Elizabeth Line to help ease traffic and serve as a new link for commuters. But this station is located near a residential area and ExCel London, making renovation a little tricky.
Visitors can access the station through an elevated concourse which blends well with its surroundings. This station is surrounded by intriguing attractions, including the Thames Barrier, Charlton House, and the National Maritime Museum.
Although the station isn’t in a major business hub like some of its counterparts, there are great food options nearby, such as The Fox, which is in the ExCel London station, and Tapa Tapa. ExCel London itself serves as a destination with various trade shows and exhibits hosted in the center. For smaller companies looking for affordable office space options, this location is ideal.
Pro Tip: Space is limited and further out from an easy walk to Custom House station.
London reigns as a global epicenter for commerce, politics, and culture, offering top-notch office spaces and serviced offices on par with New York. Its iconic Underground network delivers unparalleled convenience, navigating commuters through the city's bustling thoroughfares with ease. Proximity to tube stations is paramount for optimizing daily travel, especially as businesses continue to embrace physical office environments in the wake of the pandemic. With 11 lines, 270 stations, and over 400 kilometers of track, the Underground remains the preferred mode of transportation for millions navigating London's vibrant streets.
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