How Much Does Office Space Cost in London? (Updated for Spring 2024)

The Hubble Team
The Hubble Team|

Taking the plunge to search for a new office space can be both exciting and daunting, especially in the ever-changing world of flexible workspace.

It involves taking employees’ preferences into account and factoring in cost considerations to help keep your teams happy without exceeding your budget.

The cost of office space is the second-largest business expenditure after salaries. So, having an idea of the average cost of office space in your chosen area is crucial for setting expectations and budgets — helping you determine the size, location, and quality of the new workspace.

Below, we’ll demystify office space costs, using insights from Hubble’s extensive dataset that spans thousands of workspaces in London and beyond that’s been updated fresh for Q2 2024.

Seeking a more detailed breakdown of costs in specific areas? Hubble’s Q2 – 2024 Rent Guide is here to help. Grab your free copy!

Cost of office rental (London-wide averages)

It’s no secret that London is the most expensive city in the UK, as well as being the 4th most expensive city in the world.

But London’s home to plenty of flexible workspaces — from high-end full-time offices to more affordable part-time ones —so the specific workspace you choose depends on the budget.

To make this simple, here’s how much it’ll cost on average to rent specific types of office space across London:

London-wide averages for Full-Time Offices: 

  • Economical office space: £455 per desk per month
  • Average office space: £606 per desk per month
  • High-end office space: £775 per desk per month

London-wide averages for Part-Time Offices:

  • On-peak day (Tue-Thu): £162 per desk per month
  • Off-peak day (Mon or Fri): £82 per desk per month

Cost of office rental in London by area

London is a big place. So, the cost of office rental will vary widely depending on the area and your budget. Below, we’ve broken down how much it’ll cost to rent office space across London:

East London (e.g. Old Street, Shoreditch, Stratford)

  • £210-£800 per desk per month 

City of London (e.g. Liverpool Street, St Paul’s Monument)

  • £525-£875 per desk per month

North London (e.g. King’s Cross, Camden, Islington)

  • £325-£875 per desk per month

Midtown (e.g. Bloomsbury, Clerkenwell, Holborn) 

  • £400-£900 per desk per month

Southbank (e.g. Waterloo, London Bridge, Vauxhall)

  • £180-£800 per desk per month

West End (e.g. Mayfair, Soho, Victoria)

  • £350-£1150 per desk per month

West London (e.g. Knightsbridge, Paddington, Chiswick) 

  • £300-£1100 per desk per month

Keen to get your hands on more specific data? Our London Rent Guide gives you a detailed breakdown so you know exactly how much office rental costs in each area. Download your copy now!

The top 5 most expensive places to rent office space in London

If you’d like to pay a premium for a prestigious address and highly-competitive facilities, here are the 5 most expensive places to rent office space in London:

  1. Mayfair / St James’s
  2. Marylebone
  3. Knightsbridge and Belgravia
  4. Soho
  5. Paddington

The top 5 cheapest places to rent office space in London

Alternatively, here are the 5 most budget-friendly places to rent office space in London, helping you discover cost-effective options that offer value without compromising on functionality:

  1. Vauxhall / Battersea
  2. Canary Wharf
  3. Stratford
  4. Bethnal Green / Hackney
  5. Hammersmith

Get a detailed breakdown with our Rent Guide!

As mentioned earlier, we’ve updated Hubble’s London Rent Guide with all the market data we collected in Q1 2024!

Our new guide breaks down prices for both full-time and part-time offices and gives a detailed area breakdown to show you exactly how much office space costs in different locations.

We hope it helps companies better plan their next office move. Download your copy for free today!

Introducing: Part-time Offices

Your very own office 1-3 days per week. Save up to 75% compared to a full-time office.

Learn More

Prefer to chat? Get in touch with our team of expert advisors:

Hubble AdvisorHubble AdvisorHubble Advisor

enquiries@hubblehq.com
+44 20 3966 6804