The Cost Of Renting An Office Space
When you’re starting up a business, you may not be able to afford the high costs of renting an office space. Luckily for you, there are other ways of finding affordable working spaces that will not break your bank account.
For example, you could share workspaces within a coworking facility with other like-minded entrepreneurs and start-ups, rent a desk in a shared office space or look for virtual offices that allow you to work from home until you can afford your own.
However, these options may not be available to everyone, and the benefits of each may be more attractive to some businesses than others. With so much to compare, it’s important that you understand the differing costs of working spaces and what can accompany that.
That’s why we’ve put together this article detailing everything you need to know about the cost of renting an office space.
Office Space vs Coworking Space
There are many different types of business office spaces, each with different facilities, benefits and prices attached. Before you choose one, it’s important to understand the differences between them and what they can bring to your business.
Renting an office space can often be highly beneficial for the professionalism of your business. It will bring an air of importance and integrity to your firm that can help provide an edge in business meetings and negotiations. If you are seen to have your own office, your business can be interpreted as being powerful and successful in their field.
On the other hand, coworking spaces are affordable alternatives to a private office where you can work alongside like-minded individuals in various fields to network, socialise and integrate into the community. Typically, coworking spaces offer a communal work environment, such as with shared desks, common areas and break rooms with the opportunity to hire meeting rooms and conference halls for larger projects.
How Much Is Office Space In London?
Renting a private office within a business incubator is less expensive than renting an office space because the individuals within the incubator share the costs for amenities, maintenance, and other resources that may come with it. Normally, office space in London can vary significantly on price because of various factors, such as location, space, access and benefits.
For example, an office within Silicon Roundabout, also known as the technology hotspot of East London, can cost anywhere between £250 and £15,000 a month, slightly above the market average estimate.
London is a highly desirable location for businesses to operate as there are larger and more accessible markets there. With rising average incomes in the area, it's no surprise that the cost of real estate is marginally increasing in proportion.
Additional Amenities
One of the most attractive features of renting an office space is the additional amenities that come with it. This normally includes things that can be a significant asset to an up-and-coming business that is provided for no extra charge, helping to keep your running costs low in the short-term.
When you're looking to lease office space, it's important to be aware of the amenities that are typically included in the price. This includes things like access to computers, parking spaces, and break areas. It can also be helpful to have an estimate of the cost of additional features, such as conference rooms, virtual offices, or fully furnished suites.
Communication and collaboration are more important in today’s business environment than ever before. In addition to having access to WIFI, a phone system, and a printer, you may be able to select from a variety of amenities offered by office space managers.
This includes things like daily breakfasts, weekly seminars, mentoring programs, and a host of other activities to help keep you and your team productive.
A Variety Of Office Spaces With Spacepool
Spacepool is a business incubator in London that offers a variety of office spaces to help businesses thrive. They have three different types of offices: hot desks, private offices, and coworking spaces.
Hot desks are similar to renting a desk at a co-working space but at a lower price. Private offices are available in a variety of sizes, with different amenities, and come with a one-year contract.
Their coworking spaces are perfect for start-ups, small businesses, and entrepreneurs who need a flexible work environment but don’t want to pay the high price of renting a private office or co-working space.
Their coworking spaces come with a range of amenities such as WIFI and similar technological assets that can help to improve an online business.
Spacepool understands how difficult it can be to manage an office and helps to find places for you to work where things such as amenities are dealt with - all so you can focus on things that matter - building your community.