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What are the types of office spaces in London?
Co-working spaces are when employees of various different companies come and work in the same space. This can save money for employers, as well as providing valuable networking opportunities for employees. Savings can be made due to the presence of common infrastructures, such as equipment, utility services, internet, and a common reception area.
Offices to rent
Renting an office involves paying a monthly fee to a landlord. They are much shorter contracts than leases, usually ending after 1 year. After this year, the price of your office can increase, or the terms of your rental agreement can change. This offers flexibility but not security.
Offices to lease
A leased office means an office that is let directly to a business owner by its landlord. It is also known as a traditional office.
Leases are long-term fixed contracts. In the UK, the standard commercial property lease is 7 to 10 years, during which the conditions of the lease cannot be changed by either party.
Also known as serviced offices, furnished offices are full equipped and managed by a facility management company which then rents out individual floors or offices to other companies. This can be a great solution for new businesses who are lacking the budget to pay for furniture and storage upfront.
What is a flexible workspace?
Flexible workspaces are office spaces that are available on flexible monthly agreements. They are usually fully furnished, including on-site facilities such as printing services. Most flexible workspaces include facilities and utility bills within the monthly cost, at no extra charge.
Popular with start-ups and larger businesses, flexible workspaces provide companies with the option to add or remove desks as needed, as well as to use communal facilities such as break rooms and meeting rooms.
What is the cost to rent an office in London?
For flexible office space, the average cost per person per desk is between £150 and £1500. This price varies based on location, size, and amenities.
Where are the best office spaces for startups?
The ideal location of your office space can depend on the sector and demographics of your company. For example, tech startups might find themselves in good company in offices based near Old Street roundabout, known as the “Silicon Roundabout” for its high concentration of tech enterprises.
Something to consider would be transport links. Good transport links makes your business more desirable to new employees as it makes their commutes far easier.
Where can TechRound help me find an office space in London?
Techround can help you find deals on high-quality office space in:
How to get cheap office space in London?
By doing some research within the parameters of your business’s unique needs, you can find the best deal for office spaces. This includes comparing deals within similar areas, and keeping an eye out for new listings.
Another way to get a good deal is to share office space with another company. This not only provides great networking opportunities between companies, but stops money being wasted on meeting rooms that your team might only use for a couple of hours per day.
Negotiating your lease can also save you some money. No lease is standard, so you have some room to reduce your outgoings by negotiating a rent-free period, or a lower rent. Be sure to read your lease carefully, and raise any concerns you might have.
Which factors should be considered when selecting office space?
When selecting your ideal office space, you should consider location, budget, space requirements, flexibility, and timescale.
Location is one of the most important factors in attracting a broad choice of employees. Many workers look at the location of an office when weighing up multiple job offers, wanting an easy commute and a good work-life balance. It can also be worth situating your office in an area in which your industry is well-established.
Flexibility and timescale refer to how adaptable your space needs to be, and how soon you need to move in. These factors come into play when deciding to rent an entire office (which can be slower and less flexible, but potentially provide more space) or a co-working space.
How much office space do I need?
The minimum office space per person is 11 cubic metres (or roughly five square metres) per employee according to Regulation 10 of the Workplace Regulations.
You should consider whether that space needs to be increased depending on how much space furniture might take up. This is the bare minimum requirement, and does not include additional space such as break rooms.
What are the main costs of renting office space?
Besides rent, some costs to consider are:
- Business rates
- Service charges
- Supplies and equipment
Business rates are a recurring expense paid by the occupier of commercial premises, calculated by your local city council. These vary, so you can contact your property manager or local council to find out more.
Service charges are not present in every office space, but some buildings charge for maintaining common spaces such as lifts. This charge also covers repairs to areas such as the facade or the roof. Check beforehand whether this charge is expected of you.
Your utilities will depend on what sort of arrangement you have – for example, many coworking spaces will not charge for utilities. The costs can depend on the size of your office, but you may need to pay for water, heating, cooling, lighting, internet, and landlines.
Your employer’s liability cover is mandatory, but other types of insurance can be helpful to your business too, and is considered good practice. Your insurance can cover stock, vehicles, and professional indemnity, for example.
Not every office will charge for equipment and supplies. However, if you are setting up an office from scratch, you may need to consider furniture, storage, printers, office supplies, and computers.
What are the legal requirements for setting up an office in the UK?
Business owners should consider that UK law requires staffed offices to be covered by employers’ liability insurance. Other types of insurance requirements are not legally required but could be worth looking into.
Offices must also comply with occupational health guidelines. These involve safe protocols around fire safety, first aid, ventilation, and risk assessments. It can be worth familiarising yourself with British Standards BS3044 and The Workplace Health Safety And Welfare Regulations.