Four Things to Consider Before Renting Office Space in London
It’s no secret that London has one of the most competitive rental markets in the United Kingdom. With the number of London-based start-ups increasing year by year, demand for office space is at an all-time high – and so is the cost of renting.
If you’re considering relocating your company to the capital or even launching a new business venture, there are some crucial considerations you’ll have to make in preparation for the move. This post will explore four questions you should ask yourself before renting office space in London.
1) How are you going to relocate?
If your company already has an office, you’ll need to consider the practicalities of relocation. Furniture, paperwork, IT equipment – transporting these can be a challenge, particularly if you’re going to need to store them before moving them into your new office.
If the prospect of managing the move yourself makes you more nervous than being in the boardroom, consider hiring a company that specialises in office removals. Companies such as office-removals-london.net deal with the bulk of office removals – whether that’s safely packing computers and IT equipment, decommissioning office furniture, or handling the disposal of electrics.
2) What’s the best location for your office?
As the saying goes, perhaps the most significant consideration when looking for office space is ‘location, location, location.’ Many factors will influence your decision, as the situation of your office will impact you and your employees every day.
Although few parts of London are inaccessible by public transport, a central location is likely to be more convenient – but this convenience comes at a price. To find the best location for your needs, ask yourself the following:
1. Where will your employees, and possibly clients, be travelling from to get to work?
2. Do you pay your employees enough to cover the cost of either commuting or renting property nearby?
3. Parking space is limited – and expensive – in central London. Will you need constant and easy vehicle access for deliveries or clients?
4. Does your business need to be near other companies working in the same industry?
3) Where do you see your company in a year?
If your company is in its early days, it might be challenging to predict where the future will take it. However, it’s vital not to be too short-sighted when choosing your office space.
If you’re planning to hire five or ten more employees over the next year, for example, make sure your building has enough room for them all. Within reason, your ideal office should be a space that allows your business room for growth.
4) And finally – do you even need an office at all?
The rise of flexible working has made it easier than ever for people to ‘telecommute’ from anywhere in the world. As workforces start to demand a fairer work-life balance, remote working has become increasingly mainstream. In fact, reports suggest that a staggering 50% of UK employees will work remotely by the end of 2020!
Is it crucial for your business to be office-based? If you can work effectively as a team with nothing but WiFi to connect you, becoming a remote company could be a possibility.
You can always rent communal workspaces, such as the offices owned by real estate company WeWork, for meetings or ad hoc conferences, but otherwise, you could work from wherever you like!
If your business is looking to rent an office in London, ask yourself the above questions to make sure your space works well for you, your company and your clients.