London is a city where any entrepreneur with an eye on rapid growth wants to do business. It accounts for nearly one-fifth of the UK’s total GDP. At 17% of the GDP, London’s economy alone is larger than some entire countries in Europe. The capital also benefits from being connected to just about every other major city on the planet, be it by air, rail or road. All that means that there are thousands of businesses clamoring to set up shop in the city.
Due to its size and status, London has plenty of office space within its boundaries. From the City and Westminster to the outlying boroughs such as Barnet and Ealing, there are many prime locations for investment management companies and other services looking to expand. One prevailing trend for office space is serviced offices, but what are they and why are they in demand? Check out why London’s space is a dynamic market right now.
Serviced offices in London from Devono are proving popular because a lot of the essentials are included. Parking space usually comes as part of the rental price. In a populated city, parking is usually a sore spot for owners and employees alike. A number of other features are just add convenience too. Furniture, security systems, electricity, water and even WiFi are taken care of, leaving time-pressed business owners more time to focus on actually making money. Certainly, the amenities that are offered with serviced offices are not guaranteed in other types of commercial office space leases.
There are other reasons for London becoming a hotspot for serviced office space. At a time when trading conditions are sometimes unpredictable, serviced offices allow tenants to take out flexible tenancies. This means that, if a business needs to downsize or move somewhere else, they don’t face having to pay an early cancellation fee and can do so at short notice. For a major hub like London, the flexibility could mean thousands in savings for companies.
Best for Start-ups
Much of the demand for serviced offices comes from start-ups. London saw over 200,000 new businesses registered in 2016, accounting for 30% of the total UK-wide. With many of these new businesses looking for premises to set up shop, serviced office space seemed like the best solution, providing the flexibility and convenience needed for novice entrepreneurs.
Some of London’s newest start-ups are likely to be run out of people’s living rooms, but serviced offices often come in the form of shared space. This comes in the form of a large office space where sole traders can “hotdesk”, sitting somewhere different each day.
Hotdesking is a low-cost solution to many sole traders in London. All of the bills are paid-for as part of the weekly or monthly rent. With nice office interiors and working environments, the ability to just use the space needed for one laptop is more than enough to meet their needs. These spaces are springing up all over Central London as well as some of the suburbs, showing no sign of waning in popularity.
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