10 Insider Tips for Finding Affordable Office Space in North London

Finding affordable offices anywhere in London is a bit of a needle in haystack and often things aren’t as they seem on the surface. As this is something most of you won’t be doing every day, you are likely to make a few crucial mistakes along the way that can cost you money and lock you into a less than ideal space for your long-term needs.

This guide will give you a good framework on methods to use when searching for office space to secure the best deal for yourself. It is a distillation of some ground rules we have established over the years of watching office seekers negotiate with us and other providers.

While it may seem counterintuitive that we provide this information, this is what we do every day and as such have a few insights that you, as the occasional office seeker, may not have. We also believe in things being fair, and generally, we have the most competitive rates in all of North London. As such, we don’t have much to lose by giving away this information.

Full disclosure: We operate our own office and as such would obviously love it if you took space from us at the highest price possible but are happy to negotiate with great future customers.

Let's get on with it.

1. Research Extensively

   - Online Platforms: Start your search by exploring online platforms like Google, Rightmove, Gumtree, Facebook, and virtual agents. These websites list available office spaces, both serviced offices and conventional ones. You should generally be able to get a vague idea of pricing.

   - Compare Listings: Look at various listings, compare prices, and note down the features of each space. Keep in mind that conventional lets are generally much cheaper but come with long commitments and many additional costs not immediately visible.

2. Decide Your Lease Terms

   - Year-long Contract: All providers will prefer a year-long contract, and you can negotiate good discounts for longer commitments.

   - Month-to-Month Contracts: Some providers offer flexible lease terms. Consider month-to-month contracts or short-term agreements. Use this route if you are unsure of how strong your business is or if you really need the flexibility. Generally 10-30% more expensive than longer contracts.

   - Negotiate: When you find a suitable space, negotiate with the provider. Make sure all the costs are part of the negotiation. Highlight your willingness to commit to a longer lease if they offer better rates. During the viewing, make note of how full the space is. Ask the provider to walk you around; providers with a lot of empty offices will be much more likely to accept cheeky offers.

3. Location Matters

   - Explore Beyond Prime Zones: While North London is desirable, explore areas slightly outside the prime zones. These areas may have more affordable options. For example, our building that is a 10-minute walk from the station is about 15% cheaper than the one that is 50 yards from the station.

   - Proximity to Public Transportation: Look for office spaces near public transportation hubs to reduce commuting costs. Parking spaces are usually rare and very expensive.

4. Shared Spaces and Co-Working

   - Shared Offices: Consider shared office spaces or co-working environments. These can be more cost-effective than traditional offices.

   - Amenities:Shared spaces often include amenities like meeting rooms, kitchens, and networking opportunities.

5. Negotiate Aggressively

   - Haggle: When negotiating the rent, be prepared to haggle. Ask for discounts and favorable terms. For example, break clauses, first 2 months free, free internet, free meeting room use, coworking passes if you have satellite staff that come in, free access to event space if they have it. Think about as many of the extras as you can put into the negotiation; in the worst case, they will say no.

   - Build Bridges Don’t Burn Them: Negotiate hard but remember negotiations are a two-way street. Each party needs to feel good about any deal struck. Parity is key, and consider how one would feel on the other side of any proposed deal. A strong positive relationship with your provider will foster goodwill, which in the long term will outweigh any short term savings that overly aggressive negotiating might provide. Remember that you might need a favor from your provider at some point due to unforeseen circumstances, and goodwill can get you concessions later.

   - Long-Term Commitment: Highlight your commitment to a long-term lease or your willingness to pay upfront.

6. Timing Matters

   - Off-Peak Seasons: Late summer or early winter may have lower demand, leading to better deals.

   - Patience Pays Off: Be patient and wait for the right opportunity.

7. Hidden Costs

   - Beyond Rent: Inquire about additional costs such as service charges, utilities, and business rates. Internet is a big one people end up paying way too much for.

   - Budget Wisely: Factor these costs into your budget when comparing options.

8. Visit in Person

   - Physical Inspection: Always visit the office space in person. Photos can be deceiving, and you want to ensure it meets your requirements. Also, the human connection generally offers a stronger position in the negotiation.

- How does it feel?: Remember this place is supposed to keep you and your staff productive, natural light, fresh air, outdoor spaces, proximity to parks, plants, art and really anything that uplifts the environment and makes you happy to be there.

   - Maintenance Check: Look for any maintenance issues or potential hidden costs during your visit. This is more important than most people think, as you want your future provider to solve any issues you might have quickly.

9. Community and Networking

   - Sense of Community: Look for spaces that foster a sense of community. Networking with other businesses can lead to cost-saving collaborations.

   - Attend Events: Attend events hosted by the office space provider to meet fellow entrepreneurs.

10. Be Prepared to Walk Away

    - Don’t Settle: If negotiations don’t work out, be willing to walk away. There are plenty of options available. The one who wants it more is the one that gives away more concessions during a negotiation.

    - Persistence Pays Off: Stay persistent in your search. make sure you have the breathing room to not walk into a deal too quickly.

Remember, finding affordable office space requires a combination of research, negotiation skills, and patience. Hopefully, these tips will help you to secure the perfect workspace for your business in North London! 🏢🌟