London is an attractive city in which to run a business on several levels. The UK capital is recognized as one of the top trading centers in the world and regarded as one of the most important cities for business.
However, London is also very expensive and known to significantly damage the budget limitations of numerous businesses. With Brexit looming, setting up a business in London could be even more expensive.
The Cost of Installing Office Space in London
Reports indicate that most businesses renting office space in London are often left short-changed. Exorbitant costs can leave small businesses and start-ups out of pocket or with insufficient space for their needs.
The average cost of renting office space in London is between £65 sq. ft a year to £133 per sq. ft a year. On top of that, you have to factor in costs for a receptionist, server, utilities, maintenance and VAT.
According to research conducted by visual.ly, renting office space in London can cost at least £28,041 a year . Then you’ve office equipment to purchase including furniture, computers, printers, scanners, software and any other tools you need to raise your performance.
Serviced Office Space
Conventional office space is often far too expensive for business start-ups. Unless you have a significant amount of capital to invest, buying a property in London is out of the conversation.
Rented office space could be an option but are often expensive and subject to unquantifiable charges such as utilities, maintenance, security and facilities costs.
The most cost-effective solution is to rent affordable serviced office space on a flexible contract. This means you only pay for the space you use when you use it.
Many virtual office service providers also provide additional services that help you reduce costs and manage your budget including telephone answering services, professional receptionists and meeting rooms for hire.
London’s Most Affordable Office Space Locations
As mentioned above, the cost of renting office space in London varies dramatically. Euston, Tower Hill and Chiswick are the most cost-effective areas with a good postcode whilst Marylebone, Paddington, Knightsbridge and the West End is far more expensive.
Other than location, the cost of office space is charged by square metres. Ideally, you want to find offices that are big enough to provide sufficient workspace and accommodate the health and wellbeing of your staff.
The modern workforce takes the working environment into consideration before accepting a job or staying with a company. If your team is cramped into an office that is not big enough to meet their needs you risk losing your best staff.
Virtual offices in central London could provide an ideal solution. LowCost Letterbox have offices in two prestigious addresses with a W1 postcode, one near Oxford Circus underground station and the other in Baker Street.
Our offices are spacious and give you access to all the facilities you would expect from a fully-functioning office. Our professional staff is highly trained and always on hand to offer assistance whenever required.
If you need a cost-effective solution to help you successfully set up a business in London, our virtual office space gives you the flexibility and all the facilities you need without damaging your finances.