The serviced office industry is the fastest growing sector of the real estate market in Europe, and nowhere is this more apparent than London.
The serviced office market in the British capital is fiercely competitive and overwhelmingly vast. Picking the perfect spot for your business is becoming increasingly hard.
Picking the perfect serviced office depends on your budget and the nature of your business, but the most important factor could well be the location. So, here’s a breakdown of the most popular serviced office locations in London what you need to know about each of them.
Shoreditch is at the center of the new Tech City cluster in London. Although the area started off the Silicon Roundabout initiative, rising rents have priced out some younger startups. In 2007, rent per square feet was £20 cheaper than Central London. Now the difference is barely £5 per sq.ft. However, this part of London still remains popular with a number of tech firms and web entrepreneurs, so perhaps it’s worth checking to see if the serviced offices here suit your business.
King’s Cross is not too far from the Shoreditch tech cluster and is quickly gaining a reputation as an affordable Tech City serviced office market. Rents here are cheaper and it’s better connected. The area is currently undergoing a £650 million makeover to cement its position as a tech hub. Even tech giant Google is set to open a 17 storey building for its headquarters here in 2017. Facebook and Twitter, meanwhile, have opened offices in Euston, which is an area adjacent to King’s Cross.
King’s Cross is remarkably well connected not just to London via the Underground, but also to the rest of Europe via St. Pancras.
Canary Wharf is one of the two financial centers in London. There’s a number of hedge funds and financial institutions that have transformed this part of the city and helped create an iconic skyline. But the area is better suited to well established businesses with deeper pockets. Canary Wharf rents rose at the fastest rate this year, according to Knight Frank. The area is also home to a restaurant serving the world’s most expensive kebab, which should tell you all you need to know about office affordability in the area.
Offices in Marylebone are mostly rented by companies in the hedge fund or medical industry. In recent years a number of cosmetics companies have moved in around Harley Street. The prestigious W1 area stretches from Oxford Street in the south to Edgware Road in the north, which makes it a really attractive office spot for big firms looking for a central London location. Marylebone is serviced by the mainline and the closest tube stops are Baker Street and Great Portland Street.
London’s property market has a lot to offer and if you’re looking for the perfect serviced office, look for areas that are easy to access for your clients, suit the nature of your business and fit your budget.