16 April 2019/ Tenant Guide

How do I rent out office space on a budget?

You’ve got a great idea for a business, got a great team together, and are all ready to go out there and make things happen. The next step is finding a base; your HQ.

Sadly this is the point at which many start-ups really struggle. Costs, especially in London, can be prohibitively high, when you factor it all in: services, facilities, heating, water and business rates. One solution is to go with a serviced-office operator, where all of that is taken care of for you. But what if you want to have something a bit more permanent, a home for your business?

We’ve prepared a short guide on how to get office space on a budget.

Share space

One option that saves you a lot of hassle and cost is to split an office down the middle and share with another company. Immediately everything becomes half as expensive, and if you spend plenty of time researching you could end up sharing with a like-minded company in the same sector to bounce your ideas off. It means you don’t get total privacy, but an office with a breakaway meeting room offers a compromise option for when you need to have a confidential chat.

6 Coptic Street WC1Serviced office: 6 Coptic Street, London, WC1

Sub-lets

Similar to sharing but with more control for you, sub-letting a desk or two within your office is an increasingly popular way to mitigate costs. Especially if the space you’ve rented is just a little too large for you at the moment. Sub-letting on a short-term basis means you retain the office and the extra space is there when you need it, but isn’t going to waste in the meantime.

Meet half way

Sometimes it’s best to wait and carry on working remotely, or from home, before committing to an office. But then what do you do about client meetings? A potential client is going to be less than impressed by the offer of a cup of tea and a biscuit over the kitchen table, and a coffee shop isn’t much better. But there is a compromise: a whole new generation of hybrid meeting spaces/serviced office buildings in which you can rent meeting rooms, even spaces to hold a seminar or social do. And these days most of them do great coffee as well.

5H Stamford Works

Serviced office: 5H Stamford Works, Gillett St, N16

Cast your net wide

Rents in big UK cities like London, Manchester, Birmingham and Glasgow have reached such high levels that being right in the heart of things can come at a cost that puts many off. But with demand from a new generation of start-ups and small businesses being so high, office owners everywhere have had to up their game. Which means that even in the less popular areas of any city you’ll find top quality, modern space kitted out with high-tech facilities and flexible lease terms to suit any budget.