London is one of the largest financial hubs in the world. There are some 362 thousand jobs in the financial services sector, much of which is located in London’s Square Mile. Thousands of small financial firms are located across London, and over half (65 per cent) of all employment in London’s financial services is centralised in large companies of over 500 employees.
When it comes to finding the right office space that supports a financial service company’s needs, the task can be difficult. At Hubble, we host thousands of unique office spaces. Accessing and viewing office spaces is always within reach. To help you with your search, we’ve come up with a list of things that you should consider when looking for a new space to move into, whether you are looking to open another branch or scouting out a new place to call your headquarters.
Consider Coworking Space and Innovation Hubs
Coworking spaces are popular today in London, especially among new entrepreneurs looking to take advantage of its many benefits. But it may surprise you that finding a coworking space to move into can be a serious consideration for a finance company in London.
Working in a coworking space puts financial service firms in close contact within a tightly-knit community of like-minded companies. This is an excellent choice for companies who are interested in meeting and learning from companies within the same field. Moving a team to a shared workspace like this helps leverage collaboration with entrepreneurs and startups in the same field, encouraging team members to come up with new innovative ideas and keep up with current business trends.
Other benefits that a coworking space can offer for a financial service company – such as one dealing with investment consultation or asset management – is to help reduce the cost of back office teams while maintaining prestige for front desk operations. For financial companies in London who require client meetings, coworking spaces offer affordable solutions for a company’s operations.
Location, Location, Location
In London, the financial sector is concentrated within strong and distinctive parts of the city. In London itself, 78 per cent of the city’s financial service jobs are based in three locations:
Different sub-sectors of the financial services industry are closely concentrated in particular areas. For instance, London’s banking sector is located largely in two areas: the City of London (42 per cent) and Tower Hamlets (31 per cent). Fund management is split between the City of London (46 per cent) and Westminster (40 per cent). Likewise, 74 per cent of insurance jobs are located in the City of London area.
Of the roughly 90 very large (500 plus employees) financial service companies in London, 60 are based in the City of London, 15 in Canary Wharf.
Finding office space in an area that’s rich with similar companies can help situate your team within the community. There are many benefits to working closely with other like-minded companies, including access to specialised workers, shared innovation and knowledge, access to a larger customer pool, prestige, and proximity to related professional services that can aid your team.
Utilise Flexible and Creative Workspaces
Today, it’s not enough for someone to just do their work. They must be able to do their work well, which means high levels of workplace satisfaction.
In the past, people working in corporate jobs often found themselves in lonely offices and cubicles, assigned with increasingly isolating tasks. In London’s workplace nowadays, we are increasingly accepting of the idea that office spaces can be more than just the place where we work. The young workers entering the workplace teach us to consider what the office can do for us while we’re doing our jobs.
While we generally consider the studio as the domain of the creative industry, today white-collar businesses such as financial firms should strongly consider the advantage of utilising office spaces that contain hot desks, treadmill desks, and couch workspaces instead of assigned seating. There are a number of benefits that a financial services company in London can take advantage of. By using these flexible and creative workspaces, not only does workplace satisfaction improve and therefore increase productivity, but it helps foster office culture and attract new and emerging talent.
By working in a space that is more flexible and free, it helps to facilitate interaction and mobility within your team. This creates greater opportunity for team members for collaborative work and mentorship. Today, a space that fosters transparency and offers flexible spaces on how and where to work helps bolster a team’s effectiveness. It’s a far better prize than simply working in a lifeless corner office.
How Much Office Space Do You Really Need?
This consideration will greatly depend on how big your team is. A financial firm with over 500 employees will need a much bigger space than a small investment consultant company with only a handful of team members. As we discussed above, how office space is utilised is important. To consider how much space you need when you’re browsing your office space options, these are a few questions you should be asking.
- Is downgrading in size feasible?
- Is there potential for a company merger, closure, or acquisition?
- How much space should we make for non-assigned seating, open concept seating, collaboration spaces, and multipurpose rooms?
- Is there room for company growth?
- How will the size of the office space affect refurbishment or relocation efforts?
- Is there current or future technology required for the company’s operations that will impact space?
- Will technological trends affect office space in the future?
You can also use our office space calculator to estimate how many square feet your new office should be. But it’s also important to keep flexibility in mind, and choose a place that will best help you team perform as effectively as possible.
As the financial hub of the UK, it’s no surprise that London is the seat of many multinational financial organisations. Major financial institutions make their home in London, including HSBC, the Bank of England, and the London Stock Exchange. London is home to 362 thousand financial service jobs and 90 of the 210 very large financial service jobs in the UK who employ over 500 employees.
Proper financial firms need unique office spaces that serve them to call home. At Hubble, our convenient search platform helps connect both small and large finance companies in London with the right offices for them to improve productivity, collaboration, and company culture. All you need to do is know what to look for.