The Soho office market is one of the tightest in the West End, fast paced and unforgiving. Looking for office space on its famed streets can often be a daunting task for new companies, but it really doesn’t have to be. It may be true that London, and more specifically the West End, is one of the most expensive office markets in the world, but there are many budget beating ideas that can bag you good quality office space at a start-up affordable price. Many SME’s feel limited when entering the market and so Soho Office Space have compiled a few tips that could save your business valuable time and money.
Coworking?
First things first, ask yourself the question: Does our business actually need its own private space? If you’re not 100% certain you do we would advise looking at coworking options. Coworking has worked wonders for many small businesses over the last decade and has evolve in such a way that it benefits companies both small and large. Business seek out coworking offices for their collaborative nature and what’s best is they generally work out a great deal cheaper for smaller teams.
Soho has a range of top quality coworking buildings to choose from (you can check out some here), but if privacy is a necessity, then let’s continue.
Expand Search Location
Location is often considered the most important factor in an office search, whether it’s for identity, amenities or transport. The lines between different industry sectors are more blurred than ever and with greater connections, both psychically and through technology, the need for sector specific gathering is no longer paramount.
If you are able to expand your search zones you may well be able to cut down on costs significantly. There are still areas around Soho that throw up fantastic deals so it is definitely worth your while to magnify your search range.
Try to get office space that is fully fitted out
Finding an office space that is ready to move into is hard, but not as hard as it was 10 years ago. It is generally the habit that all fixtures, fittings and partitions would be removed at the end of tenancy in order to present a blank office canvas for potential occupiers. However nowadays it is possible to get in on a deal before an office space is returned to its empty shell state which would save substantial amounts of money that would otherwise have been spent on populating an empty space with everything needed to make it habitable.
Take over Someone else’s Lease
Taking over another companies lease is a great way to negotiate an excellent rate. To do this, you will have to be fortunate and catch a business looking to move offices mid-lease, but this is quiet common amongst SME’s who often out grow their premises rapidly.
Due to their urgent need to move some companies are even willing to take a lost on rent, as long as you can cover some of their costs.
Look for Offices That Have Been Left Empty
Another great way to secure office space below the market rate is to find buildings that have sat on the market for a long time. Landlords are likely to compromise on rent if an office has been vacant for a long period of time. Finding space like this is difficult and will often require the help of an external agency who will be able to conduct a mass search of the market and report back to you.
Contact Us
If you are looking for office space in Soho and would like some help in trying to secure the best deal please contact a member of our team using the details provided below.