How Much Does Office Space Cost in London? (Updated for May 2024)

Navigating the London office market can be overwhelming and ever-changing.

Whether you're a seasoned office manager with plenty of experience or a startup founder searching for your first office, the truth is that the cost of office space in London changes rapidly, making it difficult for anyone to understand if they're getting a good deal.

As a result of the pandemic and the shift to hybrid and remote-first working, the average cost of office space has fluctuated significantly in the two years post-pandemic.

Today, we speak to companies who don't realise how good a deal they have, as well as others who are paying far too much.

To add to this pressure, office space is typically the second largest expenditure after salaries.

Being informed about the average cost of rent in your chosen area is essential for understanding your deal and setting expectations when starting an office search.

At Tally Workspace, we leverage our proprietary database of London office space to produce the Cost of Office Space in London report.

Updated monthly for accurate comparisons, you can use the report to:

It's no secret that London is expensive.

However, if you're searching for office space in London, you'll be pleasantly surprised to know there are a range of affordable locations available.

In fact, our report highlights a staggering 250% price difference between the cheapest and most expensive areas in London.

On that note, let's break down some data:

In May 2024, North London was crowned the most expensive area to rent office space in London.

Typically, the West End of London is considered the most expensive area for office space, and we're not disputing that it is indeed expensive. 

But we're all about data here at Tally Workspace.

On account of North London's prime location, connectivity, and proximity to the city - notable companies such as Google, Meta and Nike have all decided to situate their UK headquarters in North London, making it a highly sought-after location for office space.

However, it's worth noting that although North London is the most expensive area on average, this is largely due to Kings Cross boosting the average of all other North London areas. 

If you're looking for more value, office space in East London is the place to be.

Encompassing areas such as Shoreditch, Whitechapel, Old Street, Hackney, and Canary Wharf, there's a variety of locations for office space which are all priced lower than other London regions, making them some of the best areas to work in London.

These calculations are based on the average price per desk, per month, in a full-time serviced office. 

Head to the top of this article to download the full report and see how you can get bespoke estimations for your exact desk number and area!