Office Space to Rent South Central London

Rental Costs & Considerations

Despite having a large amount of public sector businesses, Westminster is considered a good location for start ups, partly thanks to a four-year plan initiated in 2015 by the local city council with the objective of boosting entrepreneurial activity in the area. The Westminster Enterprise Programme targets would-be entrepreneurs interested in setting up a micro-business or a small company in the borough, particularly in the creative and digital sectors. Help is also available with the provision of low-cost workspaces and coworking stations.

In a similar fashion, Lambeth has an above-average number of micro-businesses (in fact, the highest percentage of all 32 London boroughs). Startup rates in Lambeth have been higher than the London average for 8 consecutive years, although it is worth noting that 5-year survival rates are below the city's average.

Although on the whole South Central London is highly developed, some Opportunity Areas have been identified by the local authorities. Victoria (where the local workforce is expected to increase by a further 8,000 jobs by 2026) is one such area, and work is already underway to make this area more appealing to business owners and investors. Moreover, the presence of world-class universities in the surrounding area means that business owners looking to establish themselves in South Central London have direct access to a vast talent pool.

With regards to price considerations, the average cost of office space in Southbank and Waterloo is in the mid-to-high £60s, and is at its highest in Mayfair, Fitzrovia, and near St James' Park, where it is not unusual for rents to exceed £100 / square foot.

Business in South Central London

South Central London's diverse industry base is one of the area's strong points. Throughout South Central London, largest occupiers of commercial floor space include the TMT sector (with nearly 48 per cent of total), followed by government, the public sector, business services, banking and finance. Education is also an important presence as some of the country's best-rated universities, such as King's College, SOAS, and Imperial College are situated here. In addition, Westminster also has a thriving evening and night time economy and is a top destination for visitors interested in culture and the arts, as there are more than 30 museums and dozens of arts galleries in this London borough. High-end retail businesses are mainly based in Knightsbridge, whereas there is a growing creative cluster in the eastern fringes of South Central London that employs more than 90,000 people.

About South Central London

South Central London in an integral part of central London and is the capital city's commercial and cultural heart. The area extends over both sides of the River Thames and is made up of the boroughs of Kensington and Chelsea, Westminster, Lambeth, and Southwark. South Central London plays an instrumental role in the country's economy, since

it is a bustling commercial hub underpinned by a diverse industry base. The area is home to many small and independent businesses (which make up 85 per cent of the total), but also to large firms, including more than a dozen Fortune 500 companies.

Some of the capital city's major shopping districts (like Knightsbridge and Sloane Street) are located in South Central London, and there are also other major commercial districts south of the River Thames, mainly in Southbank, near London Bridge, and along Lambeth Road. Lastly, this part of the city is well known for its unrivalled accessibility, as South Central London can be easily reached by train, road, and river services. In addition, the area is home to some of the UK's major transportation hubs, including Waterloo station and London Victoria, which runs direct services to Gatwick airport.

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