The Cost of Office Space in 2023

London rent has been a talking point for years now, with the costs being disproportionately higher than the rest of the UK.

When it comes to businesses looking to save money, flexible office spaces can help. With these types of offices, you only need to pay for the desk space that you’re using — and the extra space for communal areas and kitchen spaces is included in the price. Here, we’ll look at the different areas of London and how it has a weight on the cost of your office move.

Choosing Your Office Location

The location of the workplace is important — and that shouldn't be understated. But it will have a large impact on the office relocation costs, should you decide to move to an affluent area. Thankfully, it is possible to find cheap office space in London, if you know where to look.

Office location is a key consideration when looking at the ideal office relocation cost, which will be dependent on your needs and overall budget. Although we often see London as a singular expensive place where paying a premium is given, there can be a huge amount of disparity within Greater London and office costs will vary hugely on a borough-to-borough basis.

Flexible Office Costs in London

London is traditionally — and still is — one of the best cities for businesses to launch. With access to top talent, rich culture, credibility and some of the best office spaces in the world, it’s no wonder that many businesses want to set up here, despite the rising costs.

Choosing the right area of London to call home is an important decision, as office space costs vary greatly between boroughs. Price per desk for a flexible office space can range anywhere from £400 per desk to over £1,000.

But the price you pay depends on a number of factors, including location - you pay more for more ‘prestigious’ areas of the capital - the quality of the building, space and amenities offered. Here, we’ll go through a handful of offices available in the capital, covering both ends of the price spectrum. We focus on the pricing for private office space, but cheaper alternatives may also be available at these buildings too.

Metal Box Factory, Southbank — from £260 pp/m

In the eclectic Southwark area of London, Metal Box Factory features studio spaces with balconies, bookable meeting rooms and a dedicated support team for your business to call home. Here, you and your team can enjoy the independent cafe and games room at a location just 10 minutes from London Bridge station.

25 City Road, London — from £480 pp/m

This fully furnished coworking space at 25 City Road sits in the heart of Shoreditch, nestled helpfully between Old Street, Liverpool Street and Moorgate London Underground Stations. Members can enjoy communal breakout spaces and a kitchen, and the furnished space means all you need to do to get started is turn up.

44 Southampton Buildings, Holborn — from £500 pp/m

Right near Chancery Lane Underground Station sits this refurbished, period-style property. The central location off 44 Southampton Buildings makes it ideal for all businesses to enjoy the local amenities, including excellent ‘end of trip’ commuting facilities.

1 Butterwick, Hammersmith — from £520 pp/m

Situated in the heart of Hammersmith, this furnished office space provides 24/7 access with stocked kitchens, in a buzzing area of West London. Choose between hot desks, fixed desks or your own private office, depending on your needs.

North Audley Street — from £900 pp/m

On the more luxurious side, take a look at this premium office space in Mayfair, adding a touch of prestige to your business address. This private office space at 20 North Audley Street sits on the fifth floor of a newly refurbished development, with public transport links and everything you could want in an office, including 24/7 access, outdoor spaces and terrace and communal breakout spaces.

64 Knightsbridge — from £1000 pp/m

In what was once the Danish Club, the space at 64 Knightsbridge has facilities for hot desking, while you can take a more permanent approach with the private office options. Situated in the prestigious Knightsbridge area, right next to Mandarin Oriental, the space is focussed on the high end customer and comes complete with first class catering ‘in-house’, from Tom Kerridge.

Uncommon, Liverpool Street — from £700 pp/m

Whether you want hot desking, fixed office space or a private office, 34-37 Liverpool Street has it for you. Sitting in the heart of The City, this space has it all, from 24/7 access, outdoor terraces and catering, to regular socials, a bar and is even pet friendly. The excellent transport options make this an attractive office for any business.

The Shard — from £950 pp/m

Make a statement by taking private office space in one of London’s most iconic skyscrapers. The Shard sits right on top of London Bridge station with its excellent transport links and local amenities. You’re also just a short walk from the City. Overall, a great option if you have the budget.

Planning Your Office Relocation

Relocating an office is not a task that can be accomplished overnight, but rather a substantial undertaking that demands extensive planning and preparation. Prior to embarking on the search for optimal office space, it's essential to factor in the moving office timeline.

The planning stage should take four to eight weeks, though this will depend on the urgency of the move and how thorough you are with your research. Once you’ve found what you’re looking for, it’s simply a case of how quickly you can move in. This is why serviced offices are so appealing — they're ready to use from the get-go.

Office relocation announcement

Even if your physical moving to the office isn’t that costly, you will also need to relay this move to your customer base. This means re-printing any marketing material, such as business cards and flyers, with your updated address.

Your office relocation announcement should be done well in advance to both employees and clients, so you’re able to answer any questions and relieve any potential concerns before it’s too late.

Moving Offices With Knight Frank

While choosing a serviced office can be more expensive per month, it often lowers the cost of relocation due to the fact that the space comes with a lot of equipment that you won't need to transport.

If you're looking for somebody to help you navigate the often murky world of office relocation and want to keep your office relocation costs within budget, get in touch with a member of the Knight Frank team today. Whether you want a serviced office or something more traditional, we work with a variety of clients to find solutions that are perfect for them and their workforce.