Taking the plunge to search for a new office space can be both exciting and daunting, especially in the ever-changing world of flexible workspace.
It involves taking employees’ preferences into account and factoring in cost considerations to help keep your teams happy without exceeding your budget.
The cost of office space is the second-largest business expenditure after salaries. So, having an idea of the average cost of office space in your chosen area is crucial for setting expectations and budgets — helping you determine the size, location, and quality of the new workspace.
Below, we’ll demystify office space costs, using insights from Hubble’s extensive dataset that spans thousands of workspaces in London and beyond that’s been updated fresh for Q2 2024.
- Cost of office rental (London-wide averages)
- Cost of office rental in London by area
- The top 5 most expensive places to rent office space in London
- The top 5 cheapest places to rent office space in London
- Get a detailed breakdown with our Rent Guide!
Cost of office rental (London-wide averages)
It’s no secret that London is the most expensive city in the UK, as well as being the 4th most expensive city in the world.
But London’s home to plenty of flexible workspaces — from high-end full-time offices to more affordable part-time ones —so the specific workspace you choose depends on the budget.
To make this simple, here’s how much it’ll cost on average to rent specific types of office space across London:
London-wide averages for Full-Time Offices:
- Economical office space: £455 per desk per month
- Average office space: £606 per desk per month
- High-end office space: £775 per desk per month
London-wide averages for Part-Time Offices:
- On-peak day (Tue-Thu): £162 per desk per month
- Off-peak day (Mon or Fri): £82 per desk per month
Cost of office rental in London by area
London is a big place. So, the cost of office rental will vary widely depending on the area and your budget. Below, we’ve broken down how much it’ll cost to rent office space across London:
East London (e.g. Old Street, Shoreditch, Stratford)
- £210-£800 per desk per month
City of London (e.g. Liverpool Street, St Paul’s Monument)
- £525-£875 per desk per month
North London (e.g. King’s Cross, Camden, Islington)
- £325-£875 per desk per month
Midtown (e.g. Bloomsbury, Clerkenwell, Holborn)
- £400-£900 per desk per month
Southbank (e.g. Waterloo, London Bridge, Vauxhall):
- £180-£800 per desk per month
West End (e.g. Mayfair, Soho, Victoria)
- £350-£1150 per desk per month
West London (e.g. Knightsbridge, Paddington, Chiswick)
- £300-£1100 per desk per month
The top 5 most expensive places to rent office space in London
If you’d like to pay a premium for a prestigious address and highly-competitive facilities, here are the 5 most expensive places to rent office space in London:
The top 5 cheapest places to rent office space in London
Alternatively, here are the 5 most budget-friendly places to rent office space in London, helping you discover cost-effective options that offer value without compromising on functionality:
Get a detailed breakdown with our Rent Guide!
As mentioned earlier, we’ve updated Hubble’s London Rent Guide with all the market data we collected in Q1 2024!
Our new guide breaks down prices for both full-time and part-time offices and gives a detailed area breakdown to show you exactly how much office space costs in different locations.
We hope it helps companies better plan their next office move. Download your copy for free today!
