Offices in The City of London

The City of London is the centre of the financial world in Europe and rivals any competitor on the global stage. For centuries, London has been an important economic driver for the whole of the UK, but in recent decades the continued growth of the financial sector has meant that offices that are located in the City of London have become increasingly expensive. This is in spite of much redevelopment in the so-called square mile, which is the part of the City which lies roughly between Bishopsgate in the north and London Bridge in the south. As soon as new office space is made available by redevelopment, it tends to get snapped up. In addition to the square mile, the corporation of the City of London manages developments in London's former docklands and notably the skyscrapers around Canada Square and Canary Wharf. Finding good office space in the City is certainly possible, but you have to be prepared to pay for it if you want to enjoy close proximity to the major financial players.

The Popularity of Office Space

The City of London always has some cranes in action redeveloping the sites of former offices. Despite the global financial crisis which shook the banking sector - one of the city's foremost industries - there has been no collapse in the city's office prices. This is because major banks, such as RBS who have offices in Bishopsgate, have continued to trade under government control. It should also be noted that the City of London caters for a much wider range of financial institutions than mere banking. Investments, futures, reinsurance and underwriting are all part of the mix and have continued to trade strongly since the crisis took hold. Over the last eight years or so, there has been no drop in the popularity of office spaces in the City. Indeed, if anything, it has continued to grow apace.

London's Premier Offices

Although there are some well known London offices that lie outside of the City, the majority of the most famous ones are. For example, the Shard lies on the south side of the river Thames outside of the City, but this is more the exception than the rule. Lloyds building is an iconic office space in the city of London in EC3, the heart of the insurance district. It has most of its services, including its lifts, on the outside of the structure and the architecture cuts a swathe amongst some more traditional buildings close by. The so-called Gherkin is just down the road. This cigar-shaped glass clad building is one of London's tallest structures and is a premier office site demanding high rentals, but affording spectacular views.

Many of the offices that are close to the Bank of England, within walking distance of Bank Underground Station, demand the highest rental prices. Because offices in this area rarely get over five or six storeys space is limited, driving prices up, even beyond those that you find somewhere like Hong Kong. Rentals are slightly more affordable to the north, near to the City's boundary. Here you tend to find start-ups, architectural firms, legal practices and even some creative industries. As a result, the area is that little bit more cosmopolitan.

Flexible Office Spaces

These days, agile working is demanded by more and more businesses and despite the high rental prices that landlords can demand in the City of London, there are short term office lets that are available. Some flexible office suites can be rented by the week and desk space can be rented by the day, if that is all you need. As such, these often fully serviced offices are among the most expensive that you could rent if you used them on a long term basis. Nevertheless, the advantage for businesses is that they don't require a full commitment. Indeed, with options like shared and coworking office spaces, the costs can be surprisingly affordable as long as you are willing to mix with others whilst working.

Lombard Street, in the heart of the financial district, has a flexible workspace hub where desk can be rented on short term lets or meeting rooms can be hired to make presentations to city based companies. 88 Wood Street, close to St Paul's Cathedral, is another City location which offers this sort of hub workspace approach, but you need to be prepared for much higher costs than you would expect even a couple of miles further afield. If you are looking for a flexible office space that can offer mid-term and shorter lets, then try Broadgate Tower, near to Liverpool Street Station, which has 33 floors of office space on offer, all in a prime location.