London is well known for being a massive melting pot of businesses and industries. Varying in both size and industry there is a strong sense of community with coworking and collaborations between companies and freelancers and freelancers being actively encouraged. Originally a massive manufacturing hub London has gone through some significant changes in the past few decades. Some of the hardest-hit boroughs include:
- Croydon
- Barking & Dagenham
- Ealing
- Greenwich
These boroughs were well known as manufacturing hubs however some of these boroughs have been able to evolve with the times. For example, Ealing and Hammersmith and Fulham now play host to some of the biggest businesses in the UK such as Vitabiotics, BBC, Sun Mark and Eurostop.
Equally, the evolution in the type of businesses and industries based in London has brought significant growth in jobs to some boroughs including:
- Kensington & Chelsea,
- Havering
- Barnet
- Richmond upon Thames
Why Share An Office or Coworking Space In London?
With commercial/office space in London at a premium, many companies look to co-working solutions so that they can have a business base in one of the most vibrant cities in Europe. Despite being a hub for some of the largest companies 87% of registered businesses in London are considered micro-businesses. Micro businesses are companies who employ fewer than 10 people. In addition, 50% of Londons micro-businesses operate in knowledge-intensive industries. This high demand for knowledge and experience-based employees rises to 57% in central London which is commonly linked to the domination of the financial sector in this area.
What Industries Are Linked To Which Boroughs?
Despite all London boroughs welcoming businesses from all sectors, some London boroughs are well known or associated with specific industries. The 5 most well-known areas are:
- Canary Wharf - Banking, media and legal
- Westminster - Real estate, private banking and government
- Camden and Islington - creative industries incl art, design and fashion, architecture and media
- The City - Finance, insurance, legal and banking
- Lambeth and Southwark - Government, accountancy and consultancy services.
Regardless of which area you choose to work in each district/borough has its unique qualities. Although it is important to establish your office in an area with like-minded businesses so you can easily network and collaborate you still need to find the area that is right for you and your employees.
Other Considerations When Choosing Where To Set Up An Office
There is so much more to finding the right office location for your businesses than just being surrounded with similar and complementary businesses. For example, simple considerations such as:
- How easy is it for my employees to get here?
- How easy would it be for meeting clients? (either you going to them or them coming to you)
- Does the office meet all your needs spacially? Is there room to grow?
- How reliable and fast is the internet speed?
- Is it in your budget?
In summary, you need to do your research before moving into any new office space. Consider all influencing factors from the type of space and the facilities it offers to the surrounding area, transport links and business community. Finally, take your time, don’t rush into anything and remember to view the office space and run a few public transport/commuting trial runs to various locations before you sign on the dotted line.
