Unusual coworking spots driving down desk prices for thrifty entrepreneurs
Private member’s clubs, art galleries and retail units are just some of the spots where coworking facilities are popping up across the capital, as some nontraditional operators look to capitalise on the flexible working boom.
Where previously entrepreneurs and startups had to rely on major brands such as WeWork and Workspace for desks, now intrepid entrepreneurs can snag a bargain by hunting around off the beaten track.
A new map of some of the cheapest desks across London’s tube network put together by office space marketplace Hubble has revealed just how cheap desks can get right across capital.
The likes of Earl’s Court, Angel and Barbican all fare well, with prices hovering around £95 to £150 per month mark in stark contrast to the top end of the market where a desk can cost as much as £750 per month in upmarket Knightsbridge.
Hubble CEO and Co-founder, Tushar Agarwal, commented: “This map shows London’s co-working scene is becoming increasingly affordable and eclectic. When we started Hubble in 2014, everyone wanted to be based near Old Street and prices started to rise fast.
“Now entrepreneurs and freelancers can choose from landmark venues like Ministry of Sound, luxury clubhouses and even high street shops across London.”
With recent figures from The Instant Group claiming that London is the fifth most expensive city in the world for coworking spaces, with rents averaging around £695 per desk per month, gaps have opened up in the market for low-cost providers offering more affordable space.
Cut-price space is not just relegated to supposedly less fashionable areas either. Hubble’s survey found that there are bargains to be found even in traditional higher-end locales, with some of the capital’s cheapest desks available at glitzy Sloane Square and Kensington (£95 per month).
Agarwal believes the figures strike a blow to the fiction of London’s supposed lack of affordability.
He added: “London has seen a boom in the number of co-working spaces, and this has made flexible working much more affordable.
“The Instant Group recently reported that London is the fifth most expensive city in the world for coworking space, with average rents of around $897 or around £695 per desk per month. Our map shows this simply isn’t true. You can find a desk on Hubble in Bank for less than that.”
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