The City of London is a fantastic place for commercial and business activities, both for local companies and global organisations. It is one of the world’s financial hubs and provides many advantages to those who work and reside there. For those wanting office space in the City of London, this location has various features your organisation can benefit from, including its business connections, enhancing your ability to gain more clients and dedicated employees.
If you want to work in this area of England’s capital, this office space rental guide for the City of London provides all the information you need to find out how this location can support your company.
What is the history of the City of London?
To truly understand this place and why businesses appreciate the City of London, you must first know its history and how it evolved.
This iconic hub was founded after the Roman invasion, and it swiftly grew into a bustling metropolis, its ports attracting merchants and entrepreneurs from various countries.
In the 1520s, between 50,000 and 60,000 people inhabited its streets, increasing exponentially over centuries. By the end of the 18th century, the City’s population had risen to a million.
Between 1650 and 1750, thousands of immigrants arrived in the City of London, including skilled craftsmen and merchants who were influential within the City through joining or creating guilds. These individuals contributed to securing the rights and freedoms businesses currently enjoy.
During this time, some merchants ventured into banking, laying the foundation for the sector. The Bank of England, for instance, was established by merchants in 1694, though it was initially private and remained so until the end of World War Two. You can find the Bank of England in the middle of the City of London.
The City also became a hub for the railway network and associated with other countries to become an interconnected centre within England’s capital.
Why is the City of London a global business hotspot?
The City of London rivals New York as the global financial capital, with the two constantly switching between first and second place within the list, but this is not the only reason for the area’s success. Its creative legacy, including the writers Dickens and Shakespeare, continues to inspire minds and influence new writers and filmmakers with their craft.
For those wanting to explore, treasures amassed over centuries are easy to find in libraries and galleries. Iconic landmarks, such as the renowned London Bridge and St. Paul’s Cathedral, are also readily available for you and your clients to explore.
This global hotspot also has an extensive transportation network, including tubes, trains, buses, and riverboats. This network ensures unparalleled commutability, complemented by the ease of walking and cycling, which easily connects your business, your staff and your clients.
The City’s robust infrastructure, tailored to businesses of all sizes, is supported by many grants, encouraging the entrepreneurial spirit and innovation in various industries. These grants are not just from the government; other companies, such as investment firms, look to support small businesses with their endeavours.
A vibrant online business community provides plenty of opportunities for smaller businesses and individuals to connect with clients and work partners, making this a brilliant location for business growth. Equally, networking events enable interaction and collaboration, so you can make the most of the talent within the City of London and gain new clients.
Can the City of London grow your business?
If you want to grow your business, the City of London is a fantastic place to watch it expand and thrive. As mentioned previously, its infrastructure caters to companies of all sizes, making it ideal for startups wanting quick growth and lasting success.
This area of London has many benefits, including the following:
Supportive Ecosystem
The City promotes a collaborative ecosystem where businesses flourish on shared knowledge, mentorship, and collective growth. They support small businesses as they expand, providing guidance and resources to help them develop within the industry.
Driving Innovation and Filling Market Gaps
Innovation is a crucial part of business in this area, and the City of London’s dynamic atmosphere fuels originality and creativity, enabling businesses to pioneer new ideas and fill market gaps with groundbreaking solutions.
Resilience and Consumer Willingness to Adapt
The City’s diverse consumer base exhibits remarkable adaptability, ensuring businesses can pivot and evolve in response to changing market demands, such as introducing new services and products. This adaptability fosters resilience in the face of challenges.
Global Reach
As a global financial and cultural hub, the City provides unparalleled access to international markets. Businesses here enjoy a vast network of connections, with international airports providing global business opportunities, opening doors to a worldwide clientele and encouraging expansive growth opportunities.
What are the market rates for the City of London?
When looking for office space to rent, be aware that various factors influence pricing, including the size of an office and its location, and larger spaces usually cost more money than smaller alternatives.
When writing, the median desk rate for a coworking desk in this area is £325 per desk, whereas the median rate for office space is £678 per person per month.
The number of people in the business can also impact the price. For example, if you want an office space for 11-15 people, the median desk rate is £650 per person, whereas a workspace for 16-25 people has a median desk rate of £673 per person.
However, be mindful that these are only the current rates and are subject to change.
What are the most luxurious office spaces in the City of London?
If you want a luxurious office space for your business to thrive in, DeVono has several options for you to choose from. With a range of serviced and flexible office spaces, you’ll be sure to find the ideal combination of elegance and success.
Serviced Office Spaces
DeVono’s serviced offices are meticulously curated, providing businesses with fully furnished, ready-to-use workspaces. From cutting-edge technology to tasteful interiors and pre-installed infrastructure, these spaces exude professionalism and offer seamless operations. This office type allows businesses to focus on their core endeavours from the start.
Flexible Office Spaces
Our flexible office spaces cater to the evolving needs of a modern business, embracing the ethos of adaptability. These spaces allow companies to scale up or down as required, ensuring optimal utilisation of resources. You are not tied into lengthy contracts, so organisations can enjoy the perks of a prestigious address and luxurious amenities whilst having the flexibility to alter the size of your space as needed.
Some of our sophisticated office spaces include the following:
King William Street
Located near Bank Underground Station, our office space on King William Street will surely amaze your clients. With its beautiful design and luxurious amenities, this office space has plenty of features that can benefit your business, including the following:
24/7 Access
Unrestricted access ensures your business operations align with your schedule, promoting productivity around the clock.
Breakout Spaces
Thoughtfully designed breakout areas provide employees with rejuvenating spaces for more collaborative tasks, fostering creativity and cooperation.
Business Lounge
A dedicated business lounge offers a refined atmosphere for meetings and networking, enhancing professional interactions.
Meeting Rooms
Highly developed meeting rooms with cutting-edge technology facilitate smooth client presentations and internal discussions.
Outside Space
Access to outdoor areas allows for refreshing breaks and offers an inspiring backdrop for brainstorming sessions.
Bright and Spacious
Abundant natural light and expansive interiors create an inviting ambience, enhancing the overall work experience.
Eye-Catching Features
Architectural marvels and aesthetically pleasing elements add a touch of grandeur, leaving a lasting impression on clients and visitors.
Comfortable and Luxurious Furnishings
Plush furnishings and ergonomic designs prioritise comfort, ensuring employees can easily focus on tasks.
Queen Street
For those wanting a unique office space, our Queen Street office space has both private workspace and coworking solutions so you can find the best strategy for your organisation. This office space provides the following:
Traditional Features Yet Updated with Quirky Elements
The offices on Queen Street offer traditional architectural elements that exude an aura of sophistication. These features are thoughtfully complemented by quirky, modern touches, creating a harmonious blend of the old and the new.
Exquisite Touches
Attention to detail is paramount on Queen Street. Exquisite finishes and luxurious touches adorn the space, creating an ambience of refined elegance that will leave a lasting impression.
24/7 Access
Unrestricted access ensures businesses can operate without issue, accommodating varied schedules and diverse work styles.
Kitchen
The well-equipped kitchen provides a convenient space for employees to prepare meals and refreshments, fostering a comfortable and homely atmosphere within the workplace.
Meeting Room
A dedicated meeting room offers a professional setting for crucial discussions and client presentations, enhancing the overall business experience.
Watling Street
Our Watling Street office space provides elegant sophistication, with St Paul’s Cathedral only a short walk away. The bright rooms and various work environments make this the ideal workplace for multiple businesses, and it provides the following:
Unique and Quirky Spaces
Watling Street offices are characterised by their distinctive and unconventional design, creating an inspiring atmosphere that encourages out-of-the-box thinking and creativity among staff.
Next-level coworking and Private Offices
Whether you opt for coworking spaces that foster collaboration or private offices that offer exclusivity, Watling Street takes these concepts to new heights, ensuring an ideal environment tailored to your business needs.
Outside Space
Access to outdoor areas provides employees with a refreshing change of scenery, encouraging a conducive atmosphere for relaxation and informal meetings amidst the bustle of the city.
24/7 Access
Unrestricted access enables businesses to operate on their schedules, accommodating flexible work hours and catering to the diverse needs of modern professionals.
Breakout Space
Our breakout areas offer employees comfortable spaces to collaborate and brainstorm, enhancing productivity.
Meeting Rooms
Well-equipped meeting rooms provide a professional setting for essential discussions, presentations, and client interactions, ensuring businesses make a lasting impression.
What are the best budget office spaces in the City of London?
For startup businesses, choosing a budget-friendly office space in the City of London doesn’t equate to compromising quality or amenities. The City provides many options catering to those mindful of their budget constraints.
Budget offices in the City of London offer cost-effective solutions without sacrificing professionalism. Entrepreneurs can find offices that provide essential amenities such as high-speed internet, communal areas for collaboration, and well-equipped meeting rooms. The focus is creating an environment where startups can grow, network, and establish their presence in one of the world’s most dynamic business hubs.
Some of our more affordable office spaces include:
Dowgate Hill
If you want office space that doesn’t compromise on quality, our Dowgate Hill office space starts at £350 per desk per month at the time of writing. It caters to business owners seeking an opulent yet efficient workspace to enhance productivity and foster a conducive work environment.
Our Dowgate offices include the following:
Essential Furniture
Dowgate Hill offices come fully furnished with carefully curated pieces, meaning businesses can access essential furniture that combines comfort with elegance, creating an inspiring work environment.
Eye-Catching Features
The spaces at Dowgate Hill are adorned with eye-catching features, elevating the ambience and creating an inspiring atmosphere which supports creativity and innovation.
24/7 Access
Unrestricted access allows businesses to operate seamlessly, accommodating varying work schedules and allowing professionals to work at their own pace to enable productivity around the clock.
Breakout Spaces
Breakout areas offer employees comfortable spots to unwind and brainstorm, fostering collaboration and mental rejuvenation, essential for maintaining focus and creativity.
Meeting Rooms
Dowgate Hill offices have fantastic meeting rooms, facilitating meaningful discussions and presentations. These rooms are designed to impress, ensuring impactful interactions with clients and partners.
Gym
In addition to exceptional workspaces, Dowgate Hill offers access to an on-site gym, promoting employee well-being and work-life balance.
Cornhill
This workspace offers an exceptional office that will set your business apart. Our Cornhill office space begins at £500 per desk per month at the time of writing and offers a unique space to help your company stand out. It provides the following:
Spacious rooms and colourful furnishings
Our fully furnished offices create an inspiring and comfortable environment for you and your team. The thoughtfully designed layouts ensure that your office space meets your needs, whether you require a private office, a dedicated desk, or a coworking space.
24/7 access
With unlimited access, you can work on your schedule and with your work style in mind.
Breakout spaces
Take advantage of the breakout spaces, enabling you to collaborate with colleagues or find a quiet corner for focused work.
Business lounges
For those wanting to meet with clients, our business lounges provide a sophisticated setting for meetings or networking events.
Meeting rooms
Our meeting rooms are equipped with modern technology so everything can run smoothly during those essential presentations and discussions.
Event space
If you’re looking to host more significant events, Cornhill offers event space to accommodate your needs and help with networking for your business.
Kitchen
A well-equipped kitchen lets you enjoy a quick snack or a coffee break without leaving the premises.
Frequently Asked Questions
What tube lines serve the City of London?
With its vast transportation network, the City of London has several tube lines serving the area to help people move around. These include the following:
- The Central Line
- The Circle Line
- The District Line
- The Elizabeth Line
- The Hammersmith & City Line
- The Metropolitan Line
- The Northern Line
- The Waterloo & City Line
You can access other tube lines, such as the Piccadilly Line, the Victoria Line and the Bakerloo Line, from different stations.
What tube stations are within the City of London?
Within the City of London, you have access to many underground tube stations, including the following:
- Aldgate tube station
- Bank station, linked to Monument station
- Barbican tube station
- Blackfriars station
- Cannon Street station
- Liverpool Street station
- Mansion House tube station
- Mark Lane tube station
- Monument station, connected to Bank station
- Moorgate station
- St Paul’s tube station
Other stations, such as Aldgate East tube station and Tower Hill tube station, are accessible just outside the area’s boundaries.
Are there any National Rail stations in the City of London?
There are over 330 National Rail stations and 18 London Terminal stations within London, which provide routes to various areas within Great Britain. Some stations are within the City of London, such as the London Cannon Street station.
Be aware that if you travel to or from London, your ticket tends not to mention a specific station. Instead, it shows London Terminals.
What businesses are located in the City of London?
Various businesses operate in the City of London, making this the ideal location for companies regardless of size.
Predominantly renowned as a hub for finance and insurance companies, the area also has various banking institutions, accounting firms, and legal enterprises that thrive. This city area has the largest concentration of law firms in the UK.
Among the prominent entities that have found their home in the City of London are reputed institutions such as Lloyds Banking Group, a predominant company in the banking industry. You can also find Accenture, Ashurst LLP, HSBC and RBS here.
However, these are not the only industries in the City of London. There are plenty of retail businesses in this location, too. Overall, the City of London has approximately 513,000 people commuting to the area daily for work.
Is the City of London good for a startup business?
If you’re looking for an office space for your startup business, the City of London is a brilliant place to be. It offers a range of benefits, including the following:
Networking Opportunities
This area of London has plenty of networking options, enabling you and your business to connect with investors, clients and peers within your industry. These events also provide opportunities for collaborations that promote business growth.
Transport Connections
Exceptional transport links, including an extensive tube network and major train stations, ensure easy commutability. These connections enable employees and clients to reach your office without worrying about the journey.
Financial Hub
As the centre of the financial sector, the City provides startups with proximity to influential financial institutions, fostering potential collaborations and investment opportunities.
Plenty of Living Accommodations
The City is not just about work; it’s also a vibrant place to live. With many accommodation options, employees can find homes tailored to their preferences, enhancing their work-life balance.
For those looking for the ideal office space for their business in this area, DeVono has plenty of flexible and serviced office space in the City of London for you to choose from to accommodate your preferences and budget.
With our flexible contracts, you can alter the size of your office space to suit your business needs, meaning you can grow your business and move into larger spaces if needed. This flexibility ensures that your office space adapts to your growing business, not the other way around.
What is the first step to renting office space in the City of London?
Finding a suitable space for your business takes time, so you can establish what you need and how to get the best office for your company. To find the best space in the City of London, these are the first steps you should take:
Determine Your Business Needs
Clearly define your business requirements, considering all the relevant factors such as layout, amenities, and budget constraints. Understanding your needs is fundamental to finding a space that aligns with your operations.
Research Industry Locations
Investigate where businesses similar to yours are concentrated within the City. Identifying industry clusters and locating competitors can offer valuable insights into the most advantageous areas for your company.
Choose Between Coworking or Private Office
Evaluate whether a communal coworking environment or a dedicated private office suits your business culture and requirements. Consider each option’s level of privacy, collaboration, and networking opportunities.
Assess the Space Size
Determine the optimal size of your office space, ensuring it accommodates your current team comfortably while allowing room for growth. A well-proportioned workspace enhances productivity and promotes a positive work environment.
Consult a Trusted and Experienced Estate Agent
When securing the ideal office space, work with an estate agent with plenty of experience you can trust to get you the best results. DeVono specialises in finding our clients the best office space in London, ensuring you get the most suitable space for your business. If you want office space in the City of London, DeVono offers expert advice based on in-depth knowledge of the real estate market in the area.
The City of London is a brilliant place for businesses, whether as a startup wanting to grow into their industry or a well-established organisation expanding into other areas.
If you want to find office space in London, DeVono is here to help. With our vast selection of office spaces, you will find the best workplace for your business to thrive and grow. No matter your industry or budget, DeVono is here to help you search for office space in London so you can find the best one for your company.
