Getting a new office can be an exciting process, and it should be suited to the needs of your establishment. But how do you find that ideal space for your staff and business?
Choosing an office space is one of the most important decisions a business owner can make, regardless of whether you’re wanting an office move or to start strong. With the current market, there are a lot of different facilities, areas of space and lease agreements available, and these can be found in a variety of locations around London. Each also has different neighbouring businesses and nearby transport links, so you need to find the location that suits you and your business as well as having the perfect office space.
Tips to Find Office Space to Rent in London
1) Decide on the space your office needs
The first thing you need to do is decide how much space your office needs. Not only does this cover the space needed for desks and your employees, but also for any other areas you may need. This can include the closest public transport links, nearby parking spaces, breakout spaces and meeting rooms. You will also need to think about the scope for expansion if you need a larger space. As a rough guide, an office should have 100 square feet of space per person, so a business with 4 members of staff may only need 400 square feet. This is a small office rental space in London compared to a 12,000 square feet office, which is what may be required from a company with 12 employees.
There are different types of office space you can rent, such as:
– Shared lease
– Traditional lease
– Serviced offices
A shared lease means you do not have a private office space, and instead share it with other small businesses, freelancers and workers who are self-employed. These leases can be cheaper and provide you with facilities and furnished desks, but forming an individual company culture can become difficult as you are working with people from a range of businesses.
A traditional lease is a more long-term contract, meaning you have to remain in that office space for longer than with a different type of lease. However, it is only used by you and your business, meaning there is more privacy when working.
Serviced offices already have furniture and an internet connection installed, ready for you to use, as well as work devices and phone lines. They offer less privacy than a traditional lease but they can be cost-effective when used in the short term and their leases can be flexible.
When you look at renting an office space, properties are in one of three classes. These are:
– Class A: These tend to be the most expensive properties to rent. They are often new buildings, built in the past decade, or recently renovated, and they are located in the most desirable areas of a city.
– Class B: – Whilst not as modern, these properties carry great potential and are well maintained. They may require a few updates.
– Class C: – These tend to be the cheaper properties to rent. This could be due to the location being less desirable or the building being older and needing renovations.
DeVono have an office space calculator you can use to help you work out how much space you need for your new office space.
2) Determine your budget
Establishing your office relocation budget will allow you to figure out how much money you have to spend on your office space. Research your ideal location and how much the monthly costs will be to rent an office containing the space you need. From here, you can compare the different types of properties that are available to you with the same square footage, allowing you to find one that suits your business’ needs.
When working out your budget, you also need to ensure there is money set aside for the utility fees. This is because they may not be included in the rental payments for your office space. This money can also be used for the maintenance of common areas in the building and upkeep, so ensure there is enough money budgeted for this.
3) Find your London office space
This is where you get to look for your dream office space. By using DeVono’s office search tool, you can tailor your search to meet your specific requirements. Compare London rental offices with ease and find the ones that contain everything you and your staff want or need.
For more information about renting an office in London and what we have available, take a look at our London office rent guide.
4) Shortlist and tour London office spaces
Once you’ve looked at the different office spaces, visit them so you can see them in person instead of on paper. This can be done through DeVono’s office search tool. Not only does this allow you to get a feel for the office space and see if it is somewhere you and your staff will be comfortable working, but you can also ask questions about the space and building. For example, ask if the utilities are included in the price.
Before you visit the office space, make a list containing all the facilities that have been advertised and the features of each office. Listing the price is also a good idea. This allows you to ensure everything is as described when you tour the space and make a note of anything that isn’t.
Also, make notes during your visit about the condition of the building and its surrounding area, as well as how prestigious the building is. Think about whether your clients will be visiting the office or not, as the lasting impressions they gain do matter.
5) Review contracts and office rental agreements
If you have found the ideal office space in London for your business, you will need to sign an office tenancy agreement. However, before you sign anything, you must review the contract first. Double-check what is included in the price and how much it will cost for you to rent the space.
A service charge audit statement should be given to you by the landlord if you are contributing to the shared costs within the office space or building. Your landlord must have it verified by an independent accountant before you receive it. Your service charge audit should include an income and expenditure statement, a balance sheet and explanatory notes. This should be prepared on an accrual basis.
It is both healthy and common practice to issue these service charges within the last 6 months of the year. For most leases, it is required for your landlord to give you this audit so you can see what you are paying for and where your money is going.
Take a look at our service charge costs for 2022 to see how the costs are changing and have changed due to the Covid-19 pandemic.
Featured Office Space in London
DeVono have an array of office spaces for you to rent in London, in various locations around the city. Some of the locations we offer include:
– Swallow Place, Oxford Street: This office space starts from £56,500 PCM and can be used by up to 47 people. Kitchens, showers, outside space and meeting rooms are available, as well as breakout spaces and bike storage.
– Bloomsbury Way, Holborn: Available for up to 100 people, office space pricing starts at £1700 PCM and welcomes pets. It offers gym facilities, event space, tea points and a business lounge, along with air conditioning and networking events.
– Cannongate House, City of London: Granting 24/7 access, this office space starts at £21,500 PCM and can be used by up to 60 people. It comes with lifts, lockers and printing and photocopying facilities, as well as having a staffed reception and breakout spaces available.
– Dukes Place, City of London: This office can be used by up to 20 people and begins at £2752 PCM. It offers bike storage and a business lounge, as well as showers, meeting rooms and phone booths for you to use.
If you are looking for office space to rent in London, DeVono have a range of properties for you to choose from to find your dream space for your work environment. Whether you’re looking at start-up offices in London for your first space or you want to expand your established business, we have an array of choices for you to find the ideal office space for your staff to work in. If you need support for your company or business start-up advice, get in touch with our office occupier advisory.
We also have a design and build service through Dthree Studio, which you can use to make your office space perfect for you and your staff to utilise. By making the perfect workspace and promoting sustainability, we can help you gain the perfect space to manage and grow your business whilst making it a more eco-friendly environment. Take a look at how we can help you with your workplace design today.
