Startups.co.uk’s new study reveals the areas in London that you would absolutely love (and loathe) to cowork in.
Based on a range of office-must-have data points including how easy it is to travel to work, how fast the internet is, how much coworking desks cost and how many other shared working spaces there are in the area, the study sorts the capital’s coworking hotspots from the notspots.
Location, Location, Location
The popularity of shared office space has sky-rocketed in recent years, with coworking spaces set to increase by 42% by 2022. Though plants, slides and ping-pong tables have their place, an overwhelming majority (84%) of businesses site office location as the single most important factor when deciding on where to work.
Good transport links can be the difference between attracting and alienating world-class talent, slow internet the curse that makes video calling intolerable and nearby overflow space the godsend that makes last minute client meetings possible. While London is still the number one place to start and grow a business, facilities vary hugely by location. Startups.co.uk has collated five key data points for 43 areas of London to help businesses (and workers) live their best coworking lives.
King’s Cross: Top Boss
King’s Cross reigns supreme as the best area in London for coworking. With 16 transport lines servicing the area, the ease of travelling to work (and Paris) is unparalleled. The North London business mecca also scores highly in terms of overflow space, with ten coworking hubs close by, it’s perfect for emergency meeting room space and easy access to networking events. At the other end of the scale, Kennington (43rd), Angel (42nd) and London Fields (41st) languish in the bottom three with far fewer transport links, (one station and one line each) and more expensive desks starting at £200 / month.
Central Still Beats East
Despite the explosion of trendy workspaces in East London, Central London locations like Kensington (2nd) and South Bank (3rd) dominate the top ten, cementing Central London’s position as the best zone for coworking in the capital. In fact, six of the top ten areas for coworking are in Central London, whereas East London only boasts three top ten spots; Spitalfields (4th), Stratford / Hackney Wick (6th) and Shoreditch / Old Street (8th).
Cash Light? Camden’s Your Site
Keeping overheads low is often a priority for budding entrepreneurs, but living and working in a one bed apartment in London can be stifling. If you’re itching to move into a new workspace but cash flow is low, The Camden Collective coworking space is the cheapest in the study, offering free hot-desking space to creative startups looking to grow in a cost effective way. For businesses outside the creative industry, the study found desks for under £100 / month in Tulse Hill, Spitalfields and somewhat surprisingly, Kensington and Chelsea. At the other end of the spectrum, Victoria,
Notting Hill, Vauxhall and Angel are some of the most expensive areas in the study where desks start from as much as £375 / month.
Low Mbps Causing You Stress? It’s South West London for Internet Prowess
Time is money and slow internet can massively impact your bottom line. Snobbishly, the fastest internet speeds (59.9 mbps) are centred around the wealthy southwestern suburbs of Fulham, Chelsea and Battersea. Surprisingly, the financial heart of the city suffers some of the worst internet speeds in the study, with Bank and Moorgate deciding the economic fate of the country with no more than 41.9 mbps.
Social Butterfly South Bank Best Connected
Commuting in the capital is a daily dance with the devil with a light smattering of snow or an ill-timed signal failure resulting in widespread mania. It’s in every business’ interest to make getting to work as easy as possible and with three stations and 16 different train lines servicing the area, South Bank came out on top as the best connected area in the study. Kensington, Stratford and Bank make it into the top three, while Chelsea, Kennington, Angel and London Fields pepper the bottom of the ranking with just one train / tube station and line per area.
Scarlett Cook of Startups.co.uk comments: “Startups.co.uk’s exciting new study is the only report which helps both freelancers and small business owners – stumped for where to look for coworking space in the capital – find the perfect area of London to suit their office needs. The report crunches the numbers for 43 areas of London and specifically drills into the day-to-day factors that can really impact your productivity and margin. As coworking spaces continue to spread across the capital, the study provides the perfect guide to the areas where you’re most likely to live your best coworking life.”
Photo credit: GHéctor Ochoa, eOffice, Java London