4 Tips For Leasing Office Space In London

London is the largest metropolitan city in the European Union, and one of the most visited cities in the world. As a result, it is a prime location for both local and international companies and that goes a long way to explain why it is currently the most expensive city to rent office space, according to a survey by global estate agents Cushman & Wakefield. Nevertheless, entrepreneurs and businesses, both big and small, can locate reasonably priced offices in London, which is the capital city of the UK, by conducting thorough research. In addition, it is probably important to know that London mostly caters for service-based organizations such as financial services, professional services, media, and telecommunication. Here are four great tips for small and medium sized entrepreneurs that wish to find office space in London:

1. Location of the Offices

Location is a major consideration for entrepreneurs looking to rent business premises in London. Now, the city generally comprises of various business districts that appeal to different business sectors. For instance, the Square Mile, which is in London City, is home to hundreds of banks and international companies that operate in the financial niche such as investment banks, hedge fund services, and private equity consultancies. The West End of London in Westminster is popular with media companies, artists, entertainment spots, and government offices. East London, and in particular Canary Wharf, is a thriving district for international financial services providers including Barclays, HSBC, KMPG, just to mention a few.

Small and medium scale startups are likely to find the East and North London areas such as Camden and Islington, Shoreditch and Old street, and Lambeth and Southwark appropriate areas to set up their offices. Property agents Knight Frank point to out that these areas are experiencing rapid growth driven by technology, media, and telecom startups.

2. Ease of Transport

Business owners in search of business premises should consider ease of transport to and from their offices. This is especially true for businesses that expect walk-in clients. Transport is also usually an issue for administrative staff as well as marketers who must maintain mobility around the city.

3. Cost of the Office to Let

Renting business premises in London is often complex due to the legal modalities involved. As such, entrepreneurs should seek advice from estate agents and solicitors before signing any lease agreements. Good property agents normally point out the most important aspects of a lease agreement and ensure that such agreements do not exploit their clients’ ignorance.

4. Government Support

Small and medium scale businesses that are unable to find office space in London that is within their budgets may consult the London Chamber of Commerce and Industry for assistance.

Small businesses should pay attention to a number of important factors before renting office space in London. Most of these factors are relative to the needs of a business and its relationship with its prospective clients. As such, the location of a business office, ease of transport, cost of leasing, and government support will influence the choice of office space in London. Of course, reputable estate agents are often an asset when looking for a rental property.

Reza Soheily, Editor of London Entrepreneurs Network, a friendly office provider with offices in Euston, London, Edinburgh, Northampton, Liverpool, and Cardiff.

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