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Wednesday 17 July 2013

Securing space for your business in London

By Magdalena Jones


It is a fact that London is one of the most successful business centres in the world, and this has made competition for space to be very stiff. Driving around the sprawling city shows evidence of flourishing law firms, merchant shops, small and large manufacturing plants, IT set ups, and export and import enterprises. A new entrant should, therefore, find it quite difficult to find cheap office space.

Like any other business hub, enterprises in London are spread according to their type. You will, therefore, need to do some rounds to find out which street is notable for the kind of business you want to establish. For instance, most music producers have set up shop along Shoreditch and Clerkenwell, which enables clients to locate them easily.

If your firm has a leaning on financial matters, then research for available spaces around London Bridge and Liverpool Street. These are areas that are well known for banking facilities, financial services providers, and advisors. Competition for rental premises can be daunting here because you will be up against large multinationals and aggressive small enterprises.

Consider exhausting options within Mayfair locality and central London before launching elsewhere if you want to do business in the hospitality industry. Major restaurants, hotels and high end cafeterias are the major investors in these areas. This may be attributed the high number of tourists visiting the museums in the vicinity. There are notable numbers of boutique establishments too targeting high spenders.

The most popular area for many investors is West End due to its proximity to major rail stations and bus drop off points. There is an extraordinary mix of businesses here, ranging from cafes offering culturally oriented cuisines such as Italian, French and Chinese delicacies, to major merchant shops and multinationals. The place is quite crowded with potential customers, which makes space to be a hard find..

Some people prefer to have their business in more serene places like North or South London. The advantage with such places is that they are occupied by wealthy personalities. For instance, if you chose to put up a firm office in Tottenham, you will be in proximity to the tube stations of Piccadily and Victoria Underground. A warehouse can also flourish in this locality because of the nearby Heathrow airport.

To find a suitable space for operations, you should use realtors and renting agencies. Most of these agencies offer online services. Compare prices for the different office suites and make instant bookings. You can do this from anywhere in the world provided you fulfill all the legal requirements of doing business in Britain.

Many factors influence the rates for spaces. Such include the size you want, how far a building is located from tube stations and proximity to the city centre. It is, therefore, possible to find a space going for GBP 250 for a single person while companies can pay several thousands of pounds. You need to put in a lot of research to secure the best locations.




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