We’re all familiar with the fabled tales of London’s exorbitant housing prices on a personal level. Even if you haven’t rented office space for a business no doubt you’d believe that is equally excessive. In fact, office space in the City’s “Cheesegrater” was rented for an out-of-this-world £90 per square foot! Average prices are now hovering at £65 per square foot with no end in sight to the skyrocketing prices despite the pace at which new buildings are being thrown up. Most space is being pre-let, meaning companies and organisations are committing to 3, 5 and 10-year contracts years before the space is even available to them. It seems supply will be doggedly low for the foreseeable future, with demand – or at least perceived demand – staying high enough to maintain what is arguably inflated market.
Interestingly, these new spaces are being built based largely on what is becoming an antiquated way of working: cubicles, corner offices and not a great deal of collaborative space. In addition, there aren’t the types of new-age facilities like bike storage and shower facilities that younger Millennial workers are looking for, suggesting these spaces are almost already out-of-date.
If you’re new to the market and have either a small team or are just an organisation of one, the options are even more limited in terms of traditional workspaces. Working from home can be uninspiring, coffee shops can get tiresome and some human interaction is not only a basic human need but fuels creativity, energy and collaboration. The wicked solution: co-working spaces. They’re low-risk, reasonably priced and offer everything a start-up/freelancer/new enterprise needs to get off the ground in the early days.
Coworking spaces have exploded in the past decade, with just 75 worldwide in 2007 and over 7800 as of October 2015. At AKCG we’re the converted, working from theCube in Shoreditch, which offers flexible plans form £100 to £300 per month – far greater value than that £90 per square foot in the Cheesegrater. We’ve worked with other organisations to get them on board as well, highlighting the comparative benefits that make it such an appealing option. From community events to immediate access to a diverse range of companies and organisations there has never been a better time to consider joining the future of work. Why not stop in and see us? We’ll book the communal boardroom. It’s free.
For more information, contact us at: [email protected]