When looking to rent office space, it’s easy to be tempted by the cheapest prices you can find. However, not all spaces are created equal. The cheapest space won’t necessarily be the most suitable space for your business.
Rent for commercial space in the UK depends on a few factors — like location, size, facilities, and included costs. Let’s take a closer look at how these factors affect office rental prices.
The more central an office is to a large city, generally speaking, the higher the rent will be. This means that in Bristol, for instance, you’ll be paying more for an office on Park Street than a little further out in Bedminster. Look even further away to Brislington and you’ll be paying even less. Look at Kingswood, and it will be less again.
Take a look at our Bristol offices to rent locations.
City centre offices are in demand for a range of reasons, such as good transport links, the prestige associated with city locations, and proximity to bustling city life.
Location isn’t everything, however…
It goes without saying, but the larger the office space, the more you are going to need to pay. Some companies that need the space will be able to meet this greater cost. However, some will need to prioritise and accept some trade-offs.
For example, if your company has a large workforce but you’re not looking to spend lots of money on rent, you can balance the cost of a large space with moving further away from a city centre.
On the other hand, if you only have a small team but meet with lots of clients and value those city centre connections, you might be able to justify renting a small yet central office.
Looking to rent an office with facilities?
Aside from location and size, facilities can significantly increase or reduce the cost of rent for commercial space. Decide whether or not you and your staff will appreciate things like a gym, canteen or café, or communal chill-out spaces.
If a rental cost seems expensive for the location and size of the office, see what facilities are included. They might be offering much more than floor space.
Decide whether facilities are important for your business or something to cut costs on when searching for an office to rent.
Look out for included costs
What do we mean by this?
If your team will be using WiFi, heating, electricity, water, or require insurance (the case for most businesses) it’s worth knowing whether this is included in your rental contract. These bills certainly add up, so do the maths when comparing spaces where bills are and are not included. If a cheap space doesn’t include bills, it could end up costing you more.
How much does it cost to rent office space in the UK?
If you want to rent an office in the UK, the cost will vary from city to city. According to Oktra, rent for commercial space per sq ft in Bristol is between £35-£40 in the city centre and £17.50-£22 on the fringe of the city.
If you’re looking to rent an office in London, however, you’ll be looking to pay £60-£85 per sq ft in the city centre and £35-£60 for a space further out.