Office space in London has always been expensive for businesses of all sizes, even those looking to rent a single office in a shared office facility. However, office spaces in the London area could be set to rise even more by next year, due to a ‘supply crunch’, where developers are being restricted from creating new office spaces, and the length of office rental leases becomes shorter. As a result London office rental is likely to be on the decrease for small to medium size businesses, as SMEs look outside London to surrounding towns and rural office locations.
Analysts expect that active demand for prime office space will grow by 38% in 2023, but the increasing barriers on development in London means that from 2023, supply would become increasingly tight. It is said that by as close as 2025, prime region vacancies will be close to zero, with brokerage forecasting rent prices increase up to 10% a year.
Just one reason to look at rural office locations
The predicted cost of London office rental, both now and in the worryingly near future, is just one reason to consider a more rural office location instead of the capital.
The mental wellbeing of you and your team is another reason to look outside the city. In addition to a less stressful commute and less air pollution than you would get in the city centre, mental health charities such as MIND agree that spending time in nature boosts mood, reduced stress, increases mental and physical well-being and encourages people to be more active. Locations with access to countryside, relaxing places for walks, and views of green will help your team in their wellbeing and improve productivity and morale as well as reduce illness.
SEND Business Centre
Get in touch with the team at SEND Business Centre, only five minute walk from local amenities, in a quiet location near the Wey Navigation Canal, in the heart of Surrey.