A recent study has unveiled the most expensive areas in the UK for renting office space, with London’s prestigious Mayfair district claiming the top spot.
Mayfair, known for its upscale restaurants and exclusive private clubs, commands a substantial £1,000 per month per desk in a private office—a hefty price tag for businesses.
As the pandemic prompted a shift to remote work, employers have been keen to bring their employees back to the office. However, new research suggests that this return may come at a significant cost to both professionals and business owners, with substantial variations in office rental prices across the UK.
Cambridge and Leeds follow closely, with average monthly costs of £440 and £417, respectively. Those seeking a more budget-friendly option can explore Newcastle, where office space can be as low as £174 per month.
While it’s unsurprising that London ranks as the most expensive city to rent a single desk in an office per month, prices can vary greatly depending on the borough. According to data from FreeOfficeFinder, the average cost for one desk in a private serviced office space in London is £508, including bills and service charges.
However, some London areas demand significantly higher prices. Mayfair tops the list with an average cost of £1,013 per month—just over two-thirds of the price of renting a typical one-bedroom flat in London. Soho takes the second spot, with an average rent of £967 per month. On the more affordable end, Vauxhall, just south of the Thames, offers prices around £445.
The study also suggests that exploring Greater London can be cost-effective. For example, office prices in Enfield average £173 per month.
Co-working spaces have been on the rise since the pandemic, alongside remote and hybrid work setups. These spaces typically cost around £200 per month, slightly higher in the capital at £291.
Nick Riesel, Managing Director of FreeOfficeFinder.com, commented, “We are seeing companies shun traditional leases of 5 to 10 years in length since COVID-19 and switch to the all-inclusive model of serviced offices. That demand has pushed prices up, but I predict price levels will remain much the same in the next 12 months.”