29 Mar How much does it cost to rent an office?
There has been a big shift in office culture since the pandemic – not only were we made aware that remote working was extremely doable, but it’s also been deemed as quite efficient among many industries.
That’s led to a major change in how working spaces are utilised. Traditional offices have mainly become a space used for meetings and catch-ups, whilst many professionals preferred to work more flexibly in co-working spaces or in their home offices. Co-working also offers benefits for businesses as well, for example, utility costs can be significantly reduced through the use of virtual offices, co-working spaces and meeting room hire.
In this helpful guide, we will be analysing the costs of renting an office space in the UK, as well as the alternatives to renting offices.
Renting office space
The cost of renting an office in the UK will mainly depend on the location – the UK as a whole is in high demand, as it consistently ranks as one of the top countries in the entrepreneurial ecosystem. London is seen as the hub of global business and is naturally the most expensive place to rent office space.
The cost of UK office space 2022
|City rent cost (per sq ft)
|£32.50 – £36
|£18 – £25
|£18 – £26
This is the initial price breakdown of office space, however, it’s important to note that this doesn’t factor in additional costs such as utilities, equipment and other external fees. By modern standards, renting a traditional office space can be incredibly expensive. However, there are many other options to consider.
Alternative office space solutions
A virtual office provides you with the luxury of having an office without having to rent out the physical office space. Instead, business owners pay for an office address, telephone number and administrative services – whilst staff work remotely from home. Virtual offices can start from as little as £25pcm and are a good option for start-up businesses.
Co-working spaces offer the flexibility of both office and home working – businesses hire a space to be used on a day-by-day basis rather than a permanent contract. Co-working spaces are more popular amongst freelance workers and free businesses as they offer the benefits of an office without the financial commitment.
Meeting room hire
Meeting room hire best suits businesses who work from home remotely but would like to utilise meeting room space for bigger meetings. Or, you may have a virtual office but want to host your clients in impressive office settings. Here at Grosvenor House, our meeting room hire also includes general office facilities such as Bar 11 and other utilities making it a great place for work social events.
Whether you’re looking for a virtual office, coworking space or meeting room hire, we can help. You can book a tour of our office facilities, meeting room hire or general co-working spaces by getting in contact with a member of our friendly team today.