Commercial landlords generally prefer keeping their tenants on board. Several months’ worth of overdue rent or a breach of lease terms would, however, result in a commercial lease forfeiture. The services of a bailiff may be required in extreme cases, explains MS Webb & Co., a reliable provider of bailiff and security services.
A startup’s budget and projected revenue, therefore, are two of the biggest considerations when looking for a business space in London. It needs to make sure it can meet the competitive commercial property rental rates in the city each month.
If you are one such venture, take heart. London offers a wide range of commercial spaces to meet the needs of different natures of businesses in the city.
Traditional Office Space
Traditional office spaces — with dedicated desks for employees, meeting rooms and eating areas — continue to be popular among startups looking to put out a more professional or corporate image. These types of office spaces are great for startups with more than a handful of employees and extra capital. These traditional office spaces help encourage camaraderie and business innovation.
If your startup requires you to meet with partners and clients on a regular basis, then a traditional office space may fit your business best.
Warehouses and industrial spaces fit businesses that deal with manufacturing and logistics best. This type of commercial space is excellent for startups that require the storage or manufacture of a significant number of products. There’s enough space for a manufacturing department, a stock room and more.
Industrial spaces can be designed to accommodate some elements of a traditional office, too, such as desk spaces and meeting rooms. Having your merchandise and offices in one building help streamline your business operations.
Co-working spaces are one of the biggest office trends among startup companies. These spaces provide desks, Internet access, networking opportunities and a more affordable price point. Some co-working spaces have coffee and snacks and meeting rooms, as well.
If your business only has a few employees who do most of their work online, then you would benefit most from co-working spaces.
Finding the right office space for a startup in London requires a great deal of thought and preparation. Carefully consider your workspace options and make sure it fits with your budget and projected revenues to avoid overdue rent payments and lease forfeiture.