Choosing The Right Office In London For Your Business
England’s capital city, London, is home to over one million private businesses resulting in a ripe and competitive real estate market. In fact, London boasts the third largest estimate of office spaces in the world spread out across 32 boroughs.
All of these vary wildly in price, location, employee amenities and onsite facilities, making it hard to compare them accurately. To further compound the problem is concerns regarding the current strains put on businesses by spiking energy prices and constricted profit margins caused by the cost of living crisis and continued recession.
No one can predict the future, but tightening budgets for you and your clients adds additional anxiety to your decision. So, it is no wonder that finding the right office space is such a daunting and overwhelming task.
How do you choose the right office for you and your business? Well, if you’re feeling lost looking at floor plans, reading through lists of amenities and comparing rent prices, then we have the advice you’ll need to help you find your way.
Aspects To Consider When Choosing Office Space In London
To choose the perfect office space, you need a system of criteria that identifies your and your team's needs. This criterion needs to cover the essentials, be realistic and maximise productivity and profit. Effectively filtering your options will save you time, energy and money that you can spend elsewhere. So, what are the three essential aspects you need to consider?
Budget
Knowing the budget you can afford prevents you from viewing expensive, high-spec, state-of-the-art office spaces that would bankrupt your business in the first month. In short, it establishes a realistic picture of the amenities, facilities and location of the office spaces in your price range. Your budget quickly and effectively eliminates options and prevents you from wasting your precious time viewing expensive office spaces.
Your first step is establishing the maximum amount you can afford to pay for office space, factoring in the building's utility bills and any other hidden costs, and based on your business's profits, outgoings and projected future.
We also advise that you have enough for three months' rent upfront as a cushion against any potential business losses or stagnation due to the recession.
If you're a small business just starting, consider signing up for a communal workspace first, like The Worker’s League in Shoreditch, where you can hold meetings and carry out important business for a smaller time-charged fee.
Be prepared to make concessions based on your budget. There are some things that money can buy and others that just have to wait.
Community and Connections
Businesses fail or thrive based on location, accessibility and transport connections. If employees have to take a convoluted journey via the underground to get to work, this can affect productivity.
If clients can’t find you or access the building, this can impact profits and prevent future partnerships or sales. It impacts your budget, too. Choosing a central office space might sound good, but it drives the costs up exponentially. So, you’ll need to find that sweet middle ground between central and affordable.
It is a balancing act that requires careful thought, especially in London, where you have 32 boroughs to choose between spread out over a large area and each with its merits and issues. Ensure that you walk the local area and check the efficiency of transport links before you sign, that way, you’ve got a well-rounded idea of any future issues and confusions before you sign.
Space Requirements
Although you may not think all of these considerations are as important as each other, remember that the office space you choose will be the location of your business for at least a couple of years.
You’ll need the space to fit the ethos and requirements of your business in the long run, so you’ll want the space to boost productivity and optimise your team's effectiveness.
We’d suggest you begin by considering the size of your company and the number of staff. You’ll want plenty of space for people to move around, but not so much that they can’t talk to each other easily.
How many individual offices do you need? How many desks and chairs for staff? How much space would be necessary to allow people to move freely and allow room for special equipment or needs?
That leads us nicely into thinking about the infrastructure of the building and what you need for your business to be fully functional.
Every company nowadays needs a strong internet and phone connection, so the critical question is, does this office space support that? Does it have a postal address for any formal correspondence? Consider discreetly contacting other businesses in the building to double-check.
They’ll be able to give you an idea of costs and any issues that may occur further down the line, especially if those businesses share similarities with your own.
Alongside this, consider amenities and facilities that would benefit you and your team. Hubflow in Victoria, for example, has private office suites, flexible hot desks, meeting rooms, private phone booths, bike racks, showers and storage facilities.
Finally, we’d recommend thinking about the layout and design of the space. Does it match your ethos, and do you think you and your team would be happy working here every day? Though this may not feel like a priority at first, if you’re hoping to settle there long-term, you’ll want a space that uplifts morale.
You want the space to work with you, not against you. So, if your company ethos is about honesty, open communication and teamwork, an open floor plan could be right for you! Aldgate Tower is an excellent example of this as it utilises its expansive open floor design to maximise human connection and offer more opportunities for collaboration.
Although it is not all about your employees, what about your clients? Maybe, you’d like a space for entertaining clients, as these can add another level of professionalism to your business.
The Halkin Monument offices have a roof terrace with spectacular views across London and a communal sun terrace on the 4th floor, which you can exclusively. Perfect for visiting clients.
Discover Your Next Office To Rent in London With Spacepool
At Spacepool, we help businesses like yours take those criteria and find an office space in London that is right for their business by offering a free website filled to the brim with up-to-date listings that are functional, stylish and competitively priced.
Use your criteria to filter your search based on office type, team size, location and budget. You’re guaranteed to find one that’s right for you with Spacepool. Our app is secure, centralised and easy to use on the go using optimised and up-to-date technology.
Everything you need to find an office space can be found in one place, and it is easy to share with colleagues whilst you are on the go. If you’re worried about the hosts for our office spaces, they are held to the highest standards and must share the same values and commitments that we do to excellent service.
Any problems? We have a dedicated helpline to support you in finding a space you love. Finally, our site is hassle-free and efficient, involving only four steps. Search, view, sign and move in. Search using keywords and select which ones you’d like to view using their high-quality pictures and detailed listings.
After viewing, if you are satisfied with the quality, submit your hire request to the host via our website. If they’re happy too, they’ll approve, and you’ll be able to move in. It really is that simple, so join us today and fast-track your journey to an office space that is right for your business.