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London’s premium office prices affecting business

London’s premium office prices affecting business

Office prices in London are extortionate: it’s believed that office rents there are the highest in Europe, and there’s not much sign of it changing any time soon. With this problem facing many of the companies which hire people in the capital, drastic changes have had to be made. Firms are moving away from the practice of having big, bulky kit in the same room as their desks – and those who can’t avoid doing this are moving out. And it’s also fuelled a boom in service companies like co-working spaces and storage providers, all of whom are racing to meet the needs of cost-conscious businesses.
The rise of co-working
Perhaps the most obvious way in which London’s business world has been transformed is by the arrival of the phenomenon of the co-working space. Co-working spaces are a relatively new development, and they refer to a location that houses a large number of desks which are rented out to a host of different companies. This could mean there’s a firm of architects opposite you, a self-employed researcher next to you, and a customer service office for a major institution downstairs!
It stands in contrast to a typical rented office, in which one organisation dominates all of one floor or even a whole building. For the many organisations out there which don’t have the resources to rent such a space, it’s a real boon. These spaces are often much cheaper than hiring out a whole floor or a whole office, and they’re often more convivial thanks to the diversity and the whole-office social events which are often scheduled. As a result, staff morale can rise.
Increase in self-storage

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