How Expensive Is It to Have an Office in Soho, London?

For business owners, having an office in Soho, London, makes a lot of sense. In such a vibrant area, you have access to top talent, modern offices, and other booming businesses. That’s not even mentioning how excellent the transport links are! Of course, in such a creative hotspot, there is a high price tag that you need to consider. So, read on to learn how expensive it is to have an office in Soho, so you can decide whether the prime location is within your business’s budget.

The Cost of Renting an Office in Soho, London

When it comes to affordability, many businesses choose to find an office space to rent in Soho London vs buying. That’s because renting is a lot cheaper – especially upfront. You won’t build equity over time, but you won’t have to fork out a substantial upfront payment. On top of that, renting an office space means you are not responsible for property maintenance, which can quickly increase the cost. By renting, you might be able to afford a trendier and more desirable office for your employees!

So, how much is it to rent an office in Soho? The price generally ranges from around £40 per square ft to £195 per square foot. To put that into context, you’ll need up to 500 square feet for around 12 people, which would be around £2k per month on the cheaper end and closing in on £10k on the more expensive end. Of course, not every business owner needs an office that big, so it’s perfectly possible to find a cheaper office at, say, £800 a month. The price really does depend on the size.

The Cost of Buying an Office in Soho, London

Owning an office looks very different in price. Not only do you need to consider the high upfront cost, but you’ll also need to factor in other expenses, such as property maintenance and property tax. It’s not easy to put a set price on the cost of buying an office in Soho – you can find offices for under £100K there, but you can also find ones that cost upwards of £1m. Again, it depends on the exact location and the size of the office.

Is Having an Office in Soho Right for Your Business?

An important question to ask yourself as a business owner is, is having an office in Soho right for the company? Even if the office is within your budget, there are some things to consider, such as:

·         The location of your current team

·         Your budget

·         The future of the business

·         The benefits of Soho

Soho is a prime location, and the price inevitably reflects that (which is true for pretty much anywhere around central London!). If you want a trendy office in London with access to the best talent, and you have the budget to cover it, then having an office there makes sense for your business. Remember the costs that might build over time, such as rent increases and property maintenance.