The City’s Typical Occupier Profile is Changing

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City of London Skyline

London repeatedly tops the lists of best European cities for startups, due to its vibrant entrepreneurial scene, business environment, support, access to skilled labour pool, and digital infrastructure. When it comes to digital startups, The City is quickly gaining status as one of the best places to be based in. While traditionally this part of London has been dominated by large finance and banking companies, the business landscape in the Square Mile is changing and new players are arriving and contributing to a diversification of the local economy and the real estate market.

The typical occupier profile in The City has been in a constant state of change for approximately 10 years. Many companies in the TMT sector (technology, media, and telecommunications) are setting up or relocating to this part of London, and this in turn is prompting office developers and landlords to rethink their space offer so that it accommodates the needs of new tenants. New occupiers tend to be smaller in size, with the vast majority of new tenants having fewer than 250 employees. This means there is a growing need for smaller office units that offer high specs without long-term commitments, and this is where flexible and coworking arrangements come into play.

Coworking hubs in The City

Recent campaigns have presented The City as “the original coworking space”, highlighting the collaborative spirit that helped position this area as one of the world’s most important economic engines starting as far back as the 17th century.

WeWork is the largest provider of shared office space in The City, and has almost doubled the amount of coworking space offered in just a year after acquiring more than 100,00 square feet in an iconic building on One Poultry. Other popular options include The Clubhouse, near Bank station; CoWork City in Cannon Street; and The Boutique Workplace, in Queen Street. Shared office space is also available in some of the area’s serviced offices, such as Landmark at The Royal Exchange, and Servcorp in Dashwood House.

While there has been an effort to create purpose-built accelerators and incubators in The City to attract high-tech talent and high-value investments, their number remains low when compared to other parts of London. However, things are expected to change as traditional office tenants in the area begin to realise the potential for collaboration with industry sectors that are typical shared space occupiers, such as FinTech, blockchain, and artificial intelligence. Along with accelerator space, other priorities include the creation of flexible space that allow tenants to scale up.

Is a Coworking Space Right for Me?

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Is coworking space right for me?
Coworking spaces are becoming ever more popular in the freelancer and telecommuting sphere. Startups are utilizing coworking spaces too as it helps propagate creativity and flow of free ideas among the like-minded individuals who find themselves in that environment. These work sanctuaries are popping up in droves in the cities across the world and people are embracing their arrival.

For those of us who are working from home, or are constantly on the road, a coworking area solves a lot of the problems we encounter daily. You have the option of flocking to your nearest coffee shop, but that too is littered with distractions that cannot be easily averted.

You may be asking yourself – “what are the extensive benefits a coworking space can offer me that no other alternative will?” You’re in luck, because that’s exactly what we’re here to talk about.

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North London Coworking and Shared Workspaces

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According to a recent report, in 2018 there were more than 1,000 venues offering flexible office space in London. Most of them are located in the West End and in The City, but three North London boroughs have the fastest-growing rates of shared and flexible space: Camden, Islington, and Hackney. In these areas, demand and enquiry volume have spiked in a matter of months, and there are approximately 95 centres offering flexible office solutions across the whole North London area, plus a further 87 if North West London is included.

It’s no secret that London has some of the world’s highest levels of startup activity, which means it is ideally placed to be a hub for innovative office solutions too. The North London economy is mostly supported by micro-businesses, which account for more than 90 per cent of the total and are among the most likely to use shared workspaces.

Coworking Hubs in North London

Coworking in North London is an attractive option given that the area offers some of the lowest rates for flexible solutions in the British capital. Average workstation costs range between £400 and £600 / month.

There are several hubs in emerging North London boroughs, like Enfield and Haringey. Some examples include BusWorks, which offers a combination of shared, workshop and private office space to tech businesses in Holloway; the studio offices and coworking space at Chocolate Factory, in Wood Green; and government-backed initiatives like 639 Centre, in Tottenham, which provides affordable desk space in an effort to boost the growth of local tech and arts startups.

Also in North London is King’s Cross, known for being one of the city’s top tech hubs and a coworking hotspots, especially since Google moved to the area. Occupiers here are not only tech companies, but also media, publishing, and medical science firms. Some of the largest coworking hubs in this area are Impact Hub, Regus, WorkHubs, ARK Coworking, and Small Works.

There is another coworking cluster in Camden, where further growth is expected as multiple buildings are being acquired to be turned into collaborative office space. The flexible space provision in Camden is attractive enough to draw large corporates to the area, as is the case of KPGM, which moved from traditional offices in Canary Wharf to Camden Market.

Also worth mentioning is the coworking scene in Hackney, which is paving the way forward with innovative flexible space solutions like Containerville or Hackney Downs Studios. Lastly, North London entrepreneurs may want to consider the Park Royal area, home to one of the largest business parks in London. The surrounding area has a fair share of flexible accommodation options too, such as those managed by Spaces, Regus, or Spacing.

Hybrid office space is growing quickly as an alternative form of office accommodation. This model combines open-plan or shared workspaces with private office units and dedicated meeting space. Although hybrid accommodation is currently presented as a niche space to companies that require large office plates due to production requirements (e.g. software development or 3D printing), demand has been growing since 2017 and supply has doubled in only 12 months, suggesting this is another attractive option for local startups.

 

Company Relocation: Preparation & Planning

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Relocating an office or company can be a lengthy and costly process. It can also be a stressful time in a company’s life for employers and employees. There are a range of considerations that must be top priorities when moving to a new office. These range from legal responsibilities to design and layout considerations to employee well-being and relations. This is the first in a four part series on company relocation, a subject we’ll be covering in depth over the coming months.

Company Relocation: Preparation & Planning

A successful move involves a lot of planning. Establishing requirements and priorities for a new location during the early planning stages will help inform decisions down the road. It will also establish a vision or objective for the move that will guide the entire process. Engaging with affected parties such as employees and clients will also help ensure the appropriate site is selected. It will also help reduce confusion and anxiety that inevitably is associated with a move. As a result, communication with employees, clients and other stakeholders is crucial to ensure a seamless move.

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Digital Business Guide

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London has an enviable position in both finance and business services globally, but it is also one of the most important places in Europe as a creative city and one which drives the worldwide media agenda. This has traditionally been in the field of publishing and conventional broadcasting, along with a relatively minor film industry. However, these days the capital’s creative industries are increasingly run by digital businesses. Given that so much of the business world, including the financial services sector, are now also reliant on digital transactions and products, digital businesses are now only likely to grow in importance as contributors to the city’s wealth.

According to the Greater London Authority’s Intelligence Unit, the city is well placed in the information revolution which has seen the growth of entirely new industries, as well as the transformation of well-established ones. In a report into London’s digital economy, they said that the opportunities for the cross-pollination of innovative ideas in the digital business world will be bolstered by London’s world-class universities. In addition, the report continues, the capital’s highly-skilled will add to the attractiveness of London as a base for digital industries, even web-based corporations from overseas.

If the capital is to continue to lead the world in the innovative digital industries of the future, it is of huge importance that businesses based in London have access to a digital communications infrastructure which is fast-moving and able to compete on a global stage. The authorities in London recognise that the city must improve its digital connectivity. Indeed, the Greater London Authority has said that it must cooperate with London’s boroughs in order to push this agenda forwards. According to Kulveer Ranger, the Mayor’s Director of Digital London, his organisation is working with the other local government in London to bring about greater WiFi connectivity in the capital and to reduce pressure on the struggling 3G network. This, he said, includes the introduction of WiFi on the London Underground network which should enable Londoners to digital services online, even when they are travelling around beneath the city’s streets. Continue reading “Digital Business Guide” →

Virtual Office Space – How to Secure a Premium London Business Address Without Paying a Premium Price

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Choosing a virtual office is an effective way of securing a premium London business address without paying a premium price. Some of the key benefits of going for this type of service include:

– Having a virtual presence in a global city

–  Being able to choose among various premium addresses without having to pay for prime real estate

– Having more time to focus on running your business

– Saving on the costs of software, office equipment, and staff

Virtual Offices in London: Services Included

Virtual offices provide a registered address that can be used with the Companies House and in company stationery, as well as mail reception and mail forwarding to UK addresses and in some cases abroad too. Mail can be also be scanned, faxed, or collected in person.

Another common service is personalised phone answering, message taking, and call forwarding. Remote access to voice mail may also be available.

If virtual offices are provided by business centre operators, access to hot desks and meeting rooms is usually part of the package. Where the service provider has an international presence, access to business lounges in other cities or countries and invitations to networking events may be included.

Other services include secretarial and admin support (e.g. transcription, translation, booking appointments, event management, making travel arrangements, etc.). These are often available on a pay-per-use basis.

Choosing a Virtual Office Address

When choosing a virtual office address, it’s important to bear in mind that certain industry sectors are clustered in specific parts of the city (e.g. creative and media in Clerkenwell and Shoreditch, finance and banking in the City, small IT operations around Great Titchfield Street, or logistics and distribution in West London).

Here’s a list of geographical areas popular with virtual office customers in London along with their respective postcodes:

Zone 1

– The City, St Pauls, Blackfriars, Moorgate, Liverpool Street, London Bridge (EC1A, EC1V, EC2N, EC3A, EC4N, EC4Y, SE1)

– Fitzrovia, Charing Cross, Covent Garden, Marylebone, Paddington, Euston, King’s Cross (W1T, W1B, W1W, WC1B, W1H, WC1X, NW1, W2, WC2N) Continue reading “Virtual Office Space – How to Secure a Premium London Business Address Without Paying a Premium Price” →

London Commercial Property Fact Sheet and Infographic

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The London commercial property market is one of Europe’s largest both in terms of size and worth. Below you will find a wealth of data that provide a snapshot of the market in the UK’s capital city.

Offices

London offices account for 20 per cent of the city’s total commercial inventory, with an estimated value of £173bn. The fastest-growing areas in terms of rental growth include Heathrow (which currently already has more office square footage than Birmingham’s CBD) and Shoreditch, a formerly industrial area which is now a hotspot for media and tech companies.

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The Ultimate Co-Working Space Perks In London

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Over the past few years, London has emerged as the world’s capital of co-working. The five-year trend shows that 900,000 square feet of co-working spare (approximately 8 per cent of all new office space in London) are added or taken up in the city every year. Currently, it is estimated that London is home to 156 co-working spaces, and this figure is expected to grow exponentially in the coming years in a reflection of the how quickly the sharing economy gaining traction all over the business world.

Co-working space in London is not only the office accommodation of choice for start-ups, remote workers or freelancers, but it also appeals to large companies and corporates based in the City. KPGM, Microsoft, HSBC, Cisco, and Menlo Innovation are some of the blue-chip firms that currently use co-working space in the city.

Whether they are one-person start-ups or large corporates, co-working space occupiers are often attracted by the perks that this type of accommodation offers. These go beyond a strong entrepreneurial and collaborative spirit and a working environment specifically designed to foster creativity, and include flexibility, all-round support, spaces that foster a healthy work-life balance, and a strong sense of community.

Focus on flexibility and support

In co-working spaces, flexibility is not only evident in the terms of rental agreements, but also in space distribution, as some of these offices are arranged in open plan but also provide private working areas in work pods, or dedicated Skype booths used to conduct private meetings online. And lately, some co-working offices have even implemented a pet-friendly policy.

In terms of support, some of the top perks include:

– Free or discounted use of meeting rooms

– Free tickets to events focusing on entrepreneurial growth, such as those offered to members of Innovation Warehouse, which also offers access to its own incubator and accelerator Continue reading “The Ultimate Co-Working Space Perks In London” →

Getting the most out of your Office Space

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Getting the most out of your Office Space

 

Office space can often be expensive and therefore restricted and so using what you have to its full potential can benefit both the office environment and work force. Studies have shown that a better organised and efficient office is conducive to improved productivity with more focus being provided to working towards achieving business goals! If you are struggling to decide where to start with getting the most out of your office space, here are some tips:

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