Renting an office space in London could cost businesses over £1,500 per desk per month, new research shows.
According to property group London Offices, office space in some of London’s priciest neighbourhoods comes at quite a price, with businesses located in areas like Mayfair and Kensington paying as much as £15,000 each month in rental costs.
Chris Meredith, CEO of London Offices said: “Although location is no doubt one of the most important things to consider when starting up a business or relocating, there are certain areas of the city that tend to carry a hefty premium.
“My best advice would be not to be blinded by these luxurious postcodes. Instead, take into account what your business really needs opposed to falling victim to your ego, and visit as many buildings and areas as you can before making a decision.”
Clerkenwell and Farringdon, where our Beavis Morgan office is located, offers an ideal location for SME businesses. Not only are we there to help you bruild and grow your business, the district also offers a variety of different commercial space available, which has seen the area become a magnet for City professionals. It is also ideally positioned within walking distance of London’s ‘silicon roundabout’, providing an excellent base for startup businesses.
With high rental costs impacting the bottom line of SMEs in London, it is essential that business owners maintain effective management of their company’s working capital. This will not only help to ensure you have the cashflow needed to survive and thrive, it will also expose any pressure points within the cash cycles, helping you boost efficiency and even save costs – all vital elements in helping your business survive and thrive in challenging times.
At Beavis Morgan, we specialise in working with startups and entrepreneurial people. We are on hand to provide guidance and strategic advice to help in formulating plans for your business in order to strengthen its prospects of success, achieve growth and maximise wealth, and also to help with management accounts, enabling better control of your financial situation and awareness of the business in real time, enhancing planning for the peaks and troughs.
Our property team also provides extensive expertise in advising individuals and businesses on all aspects of the property market. We act for a broad range of property investors and developers who actively need advice on how to best structure their property deals, both to ring-fence and protect their property assets, as well as to minimise the tax arising from their business operations.
To find out more, contact Steve Govey or your usual Beavis Morgan Partner.