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The UK's business landscape has experienced a rapid shift in recent times. With more companies emerging into the market, the demand for office spaces continues to rise; naturally, so does the cost.
If you’re looking to rent an office in the UK but have no idea where to start, then stick around as we shed light on how much it costs to rent office space in the UK, as well as some budget-friendly alternatives you should seriously consider.
Factors That Influence Office Rental Prices
Office rental prices can vary dramatically depending on several factors, including location, size and type of space, amenities offered, and the duration of the lease. Knowing the factors that influence office rental prices can help you make an informed decision when looking for a suitable office space for your business.
1. Location
Location is one of the most important factors in determining office rental prices. Prices can fluctuate between cities, and even within cities depending on the area or neighbourhood that the office space is located in. For example, renting an office in downtown areas may be more expensive than other locations due to higher demand and limited availability.
2. Size & Type
The size of the space (measured in square footage) and type (open plan, closed cubicles, coworking spaces, etc.) will also impact rental prices. Generally speaking, larger spaces will cost more than smaller ones as there is more room to rent out. If the space comes with features like air conditioning or heating systems, this can add to the cost.
3. Amenities
Amenities like high-speed internet access, meeting rooms, parking spaces, kitchen areas, and other facilities can also affect office rental prices. If you require specific amenities or facilities in your office space, then this may increase your overall rental costs.
4. Lease Duration
The duration of your lease agreement can also influence office rental prices. Short-term leases tend to be more expensive per month compared to long-term agreements as they involve additional costs such as setup fees and deposit payments. However, short-term leases may be beneficial if you still need to determine how long you need to rent office space.
What Is the Average Cost of Office Space in the UK?
According to recent research, the average rental cost for office space in the UK is around £35 per square foot per year. However, this cost can increase or decrease depending on the factors mentioned above. For example, renting an office space in London could cost £80–£100 per square foot, while in Manchester, it costs between £27–£37 per square foot. Below is a table that breaks down the rental costs for offices in major UK cities:
|
City |
Rental cost (per sq. ft per year) |
|
London |
£80–£100 |
|
Manchester |
£27–£37 |
|
Birmingham |
£20–£37 |
|
Liverpool |
£22–£35 |
|
Edinburgh |
£25–£35 |
|
Glasgow |
£22–£30 |
|
Brighton |
£35–£50 |
|
Newcastle |
£18–£27 |
|
Nottingham |
£18–£25 |
|
Bristol |
£25–£35 |
4 Affordable Office Space Alternatives in the UK
For startups, entrepreneurs, and growing businesses, renting traditional office spaces may not always be feasible given their high rental costs. However, there are several affordable alternatives available, which we have listed below:
1. Home Offices
Setting up a home office is an efficient way to save money on rental costs and it enables you to work from the comfort of your own home. You can make your home office space even more comfortable by making use of self storage facilities that allow you to store furniture or items that may be cluttering your workspace.
2. Coworking Spaces
Coworking spaces are a popular option for many entrepreneurs and small business owners, offering a shared work environment at an affordable cost. Coworking spaces often provide networking opportunities, meeting rooms, high-speed internet, and fully equipped kitchens.
3. Virtual Offices
A virtual office provides businesses with a professional address without the hassle of buying or renting a physical office space. Virtual offices come with mail and telephone handling services, thereby allowing you to maintain your professionalism and reduce rental costs.
4. Managed Office Spaces
Managed office spaces are ideal for professionals looking for a hassle-free solution with all the necessary facilities wrapped up in one package. With services like packaging, shredding and even van hire, managed office spaces can provide you with an affordable, turn-key solution.
At Storage King, we offer managed offices in 16 of our store locations, combining the convenience of self storage with a professional workspace. Our cost-effective and flexible leases make it easy for you to rent an office for yourself or your team with no hidden costs. Whether you’re a freelancer or a start-up, we’ve designed our managed offices to elevate your business' potential.
For more information about renting self-storage and managed office spaces, contact us at 0800 0852 954 or request a price online.
