Mayfair has emerged as the most expensive location for office space rentals in the UK.
This affluent district in London, known for its exclusive restaurants and private clubs, commands a hefty price of £1,000 per month per desk within a private office.
With lockdowns prompting remote work for many employees, company leaders have been striving to entice their staff back to the office.
However, new research suggests that this transition may come at a considerable cost to professionals and business proprietors, especially in certain UK regions.
It is no surprise that London ranks as the costliest city for renting a single office desk per month. Nonetheless, the price can vary substantially based on the borough you choose.
Data from FreeOfficeFinder reveals that the average cost of renting one desk in a private serviced office space, including bills and service charges, is £508.
However, certain London areas demand considerably higher rates. Mayfair leads the way with an average cost of £1,013, slightly over two-thirds of the cost of renting a typical one-bedroom flat in the city.
In second place is Soho, with an average monthly rent of £967.
On the more budget-friendly end, Vauxhall, located just south of the Thames, offers desks at around £445.
The study also highlights that exploring Greater London can benefit your budget. For instance, office prices in Enfield average at just £173 per month.
Beyond the capital, high rents persist. Cambridge and Leeds report average monthly rents of £440 and £417, respectively.
Those seeking more affordable options should consider heading north to Newcastle, where office rentals can cost as little as £174 per month.
Co-working spaces have witnessed a surge in popularity, particularly since the onset of the pandemic, alongside remote and hybrid work arrangements.
Often, these spaces cost around £200 per month, with slightly higher rates in the capital, averaging at £291.
Managing director of FreeOfficeFinder, Nick Riesel, noted, “We are observing a shift in the market as companies move away from traditional five to ten-year leases, opting for the all-inclusive model of serviced offices.
This increased demand has driven up prices, and I expect these price levels to remain relatively stable over the next 12 months.”
Here is the updated list of the top 10 most expensive areas in London to rent an office per month:
Mayfair – £1,013
Soho – £967
Victoria – £900
Monument – £870
Knightsbridge – £786
Piccadilly – £765
Oxford Circus – £763
St James’s – £757
Marble Arch – £757
Bank – £732