One innovative idea to free up a significant amount of affordable work space in London is by converting empty garages owned by housing associations into basic offices, studios and workshops. Proposed by the Conservative Group on Greater London Authority this measure could provide a relatively quick and inexpensive solution to two key property issues in London: that of creating affordable office space for start-ups and freeing up small brownfield sites for redevelopment. Converting a garage into a business unit with heating, electrical wiring, insulation, and a decent internet connection would cost a housing association £26,000according to the report.
This means that at a passing rent of £240 per month, each transformed garage could recoup this outlay in about eight years, while providing a competitive price for office space that would also encourage businesses to start-up in the area. In Shoreditch start-ups have been priced out of the market for private offices and they have found refuge in the safe haven of shared workspace and membership to start-up communities such as Shoreditch Works and Google Campus which to their credit have offered start-ups an incredible amount of additional value and bang for their buck than just affordable work space, with benefits such as networking, events, collaboration, and great coffee!
Here at Shoreditch Office Space we advise occupiers in East London on their property decisions and our client base ranges right the way through from individual start-ups to some of the biggest occupiers in Tech City. If you are in the market for a new office in East London and you would like more information on the services that Shoreditch Office Space provide, please contact us at [email protected]