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04.06.2020 Back to Blog articles

A Simple Guide To Pricing Your Spare Desk Space in London To Rent

There is no denying that markets have been in a state of uncertainty over the past year, from Brexit to pandemics, running a business in recent years has been, to say the least, turbulent. This instability has forced many businesses owners to address how they run their business, to reevaluate their workforce as well as their office space. As a result of this many business owners are looking to offset overhead costs by utilising ‘forgotten’ or unutilised spaces in their existing offices.

Knowing Who You Want To Share An Office With

The first question you need to ask yourself is: who do you want to share your office space with? By identifying the type of prospective working relationship you are looking for you can pin down what you are going to put in your advert, how to price your space and ensure a ‘good match’ with any potential colleagues. The more you know who you would like to share with, and what relationship or atmosphere you are looking for within the office, the easier writing your advert will be. The types of questions you should ask yourself could include:

  • What type of business do you want to share your office space with?
  • Do you want to share with a small business or with individuals (consultants or freelancers)
  • Do you want people in a similar or complementary field to you so that there is a better option for collaboration?
  • Do you want to offer space on an ad-hoc/pay as you go or permanent/contracted basis?

Once you know who you want to share your office with you can start looking at how much of your office and what resources you are willing to share.

Knowing What You Have To Offer As A Shared Office

When writing your advert you need to not only define who you want to work with but also what are you willing to offer or share. Once you know what you can offer with your spare desk space you can start thinking about what you can charge. Naturally, there is a wide range of considerations and questions you will need to ask yourself before you can start advertising any spare desk space. By asking yourself these questions you can identify key characteristics that prospect renters may look for. This is also a great way to attract the ‘right’ type of freelancer/small business to share your office space with. How you approach writing your advert depends on what terms you are willing to offer. Essential criteria all prospective businesses will look for include:

  • Internet access
  • Accessibility
  • Ample work area
  • Access to a power supply
  • Bathroom facilities
  • Tea and coffee making/drink facilities
  • Good access to local facilities
  • Good lighting
  • Temperature control
  • Security

However, most businesses will have a much wider range of criteria that they will be looking for. Take time to consider exactly what you are willing to offer and what other businesses in your area are offering. This helps to encourage the type of company or person you want to share with. Meanwhile by clearly defining what you offer you can prevent ‘tyre kickers’ and unnecessary emails and questions from prospective renters which eat into your working day instead of allowing you to focus on running your business. Additional aspects you should consider highlighting include:

  • Whether private meeting space is available
  • Are there collaborative spaces?
  • Is the space furnished?
  • Is there secure storage?
  • Are you bike-friendly?
  • Is access to resources such as printers and scanners included?
  • What are your local transport links like?
  • What is the image or reputation of the area?
  • Which other businesses work in the area?
  • Are you looking to foster a collaborative relationship?

What Makes Your Business and Office Better Than Others Around You?

Growing trends in the business market over the past few years have focused around 4 key points. These include:

  • Sustainability
  • Mental health/mindfulness
  • Collaboration
  • Versatile spaces

Renting out spare office space has become increasingly popular so don’t assume that you will not have competition in your area. Remember it is just as important to rent out your space to someone you can ‘work with’! Here, we are going to look at the 4 key current office trends and how they can relate to your business.

1. Office Sustainability

Sustainability in an office can take a wide range of forms; the most obvious of which would be that you actively promote simple sustainable measures such as recycling, reducing overall office wastage and minimising artificial light. For those who want to take things a bit further upcycling has become a massive trend in the past few years with offices furnishing themselves with primarily reclaimed furniture. Upcycling can be a great way to furnish a large office for an affordable price while maintaining a clear conscience, remember not everyone wants things to be sleek, shiny and new.

2. Mental Health/Mindfulness Office Measures

There is no denying that working, and in general our modern lifestyle, can be stressful. With this in mind, many workplaces are looking at how they can adjust their office space to facilitate better mental health for all those who work in it. There are some simple measures that office managers and owners can take to promote a better working atmosphere.

One simple action is to maximise the amount of natural light in a space. It is well known that natural light promotes better well being, better productivity and generally an overall improved sense of happiness. This can be achieved in a range of ways such as:

  • Simply opening up the windows
  • Avoiding fluorescent lighting
  • Putting in skylights or bigger windows
  • Utilising mirrors

Offering a versatile space can also benefit staff mental health through simple measures such as reorganising your office space (so that everyone gets the chance to work near the windows) or offering breakout spaces.

3. Shared Office Collaboration Opportunities

Encouraging collaboration can transform how you do your business and can be a key selling feature when renting office space. That said, collaboration can be represented in 2 different ways and it is important to specify what you are offering when writing, and pricing, your office space ad. The first way is by simply offering communal or ‘relaxed’ meeting space which offers a supportive environment for collaborative projects. Alternatively, you may seek to foster a collaborative relationship between your company and any potential renters similar to approaches taken by curated collaborative spaces. This sort of a working relationship can be a big selling point for some companies especially freelancers and consultants or those based in creative industries. This arrangement can be mutually beneficial for all companies involved.

4. Versatile Shared and Private Office Spaces

Modern working spaces need to make the most out of all their office space. From private offices to open collaborative spaces; offices must be flexible and this includes the utilisation of ‘third spaces’. This has been supported with the rise in the use of portable technology such as tablets and laptops within the working community providing users maximum versatility. Office ‘third spaces’ can take a wide range of forms from window boxes to spaces under the stairs. These third spaces can provide some much needed extra natural light to some peace, quiet and privacy. All of which can benefit mental well being as well as productivity. With this increased demand for more versatile workspaces, some offices are taking inspiration from designs such as Bauhaus with movable partition walls which offer ultimate flexibility between private, open and collaborative office space.

What To Charge?

Now you know what you are offering you can start writing your listing. There is a lot to be said for doing some research on your competition. What do I charge? is probably one of the most common questions we get asked here at Share My Office and unfortunately, this is not a question we can necessarily answer. When it comes to pricing you need to strike a balance between what you want, what you are offering and what competing spaces in your area offer. Remember, many people looking for office space will not just be driven by the price; the type and quality of the space you are offering is equally, if not more, important.

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