Guide: Things to Consider When Renting Office Space in Mayfair
Fashionable and famous, Mayfair is a property hot spot and home to some of the most desirable business premises in Central London – so here is our guide to renting office space in Mayfair for you and your business.
Part of the West End, Mayfair is one of the most expensive locations to purchase office space globally. Despite this status, Mayfair continues to attract businesses and remains accessible – in part due to the vibrant serviced office market that is active in the area.
Comprised of approximately 30 business centres, serviced office space in Mayfair is, as you would expect, of a high quality. As standard the fit out is grade ‘A’ and the principle difference between properties will derive from the interior design and style – ranging from the ultra-modern to modernised-classic.
While the standard of the office space is fairly universal, pricing does vary depending on where within Mayfair the office accommodation is situated. To demonstrate this I have included a breakdown below: (Prices shown represent the cost per workstation per month)
- Berkeley Square: £900 – £1,250
- Bond Street: £750 – £1,000
- Dover Street: £700 – £1,100
- Hanover Square: £700 – £900
High levels of office-to-home conversions, coupled with limited development opportunities, have led several serviced office providers to “push” the boundaries of Mayfair. The result is Mayfair grade office space on the fringes of the traditional catchment area.
Office Space in Mayfair: Need vs. Want
As with any office search, a key factor in finding the right office for you and your business is balancing ‘Needs’ and ‘Wants’. A Mayfair address might boost the ego, but unless it is going to add measurable value to you, your business or your proposition does it really make business sense to rent office space in Mayfair?
If the answer to this question is “No”, take the time to explore nearby areas such as Paddington and Holborn. Not only will you find greater choice and variety, but you could also benefit from better transport connections and a notable savings on your rent.
Beware the Fast Moving Market
When it comes to securing office space in Mayfair, or anywhere else in Central London for that matter, decision makers are often surprised by the speed at which the market moves.
In stark contrast to a traditional lease, where the buying cycle equates to months, licence agreements can be completed and a serviced office can be ready to occupy within days (or even hours in some cases).
Do you need office space in Mayfair or in another location in Central London? If so, speak to our team today on +44 (0) 203 826 8139 to take advantage of our free office search service. Our team will help you streamline your office search and secure the right space for you and your business.