Not to be mistaken with the acronym SOHO (small office home office) Soho is an area of London bursting with like-minded creatives and opportunities. Surrounded by some of the most well-known streets and locations in London, Soho is commonly thought of more as a ‘tourist attraction’ instead of a bustling centre for business. Typical areas associated with Soho include Charing Cross, Piccadilly Circus, Oxford Street and Chinatown. However, there is so much more to Soho than it first appears.
So who works in Soho?
Soho is well known within the business community for hosting some serious powerhouses in the creative industry. These businesses include Warner Bros Studios, 20th Century Fox and large marketing firms like BBH (Bartle Bogle Hegarty). As a result of this, Soho is commonly thought of as a base for creative industries including television, media and advertising. Due to the type of companies and industries that work in Soho; office sharing and coworking spaces have taken off in popularity. Here are our top 3 reasons why companies are looking to share their Soho offices.
1. Collaboration and Networking Opportunities
Known for hosting the offices of some big hitters in the media industry, many smaller companies and freelancers are looking to make Soho their base. This is done in the hope to facilitate better business opportunities for networking and collaborations. The ability to work with like-minded, highly skilled people in the same industry can be significantly advantageous to all those involved. This is achieved by promoting a sense of competition as well as collaboration, therefore encouraging and driving innovation.
Soho is commonly described as having a ‘gig’ business economy. This simply refers to the local community being powered and spurred on by a concentration of innovative thinkers. However, the Soho work community also offers opportunities for larger companies to take smaller, specialised or highly skilled businesses or consultants under their wing. This can be in the form of both mentorship or a business agreement. This approach fosters an open yet competitive atmosphere in which to work; driving innovation, shared business opportunities and expertise. This ultimately creates a local workforce of multi-disciplined, well-connected individuals that can transfer seamlessly between working as individuals to working as part of a larger creative team or collective.
2. Prevent loneliness and isolation (hazards of working from home)
For many, working in the creative industry can be a very isolating experience, especially if you have a small business, work as a freelancer or as a consultant. That said, the very philosophy of the creative industry is that, generally, collaborations are the way forward when it comes to the actual design and creative process.
As we have already mentioned, the Soho business community actively promotes and encourages individuals and businesses working together. This sort of arrangement can benefit all parties involved. For example, a larger or more established company can gain access to resources and a knowledge base outwith their current capabilities. On the other side of the coin, smaller companies and freelancers get the opportunity to work with a range of more experienced professionals or work on bigger budget projects from recognisable brands and businesses.
As many designers will say; some of their best ideas and designs are created during ‘spitballing’ sessions, a random conversation or perhaps in the pub with a few like-minded friends. This way of working is recognised in many Soho businesses and coworking areas. For example, Soho offers networking and mentoring platforms such as ‘The Garage’. The Garage is a space opened and run by some of the most notable and up and coming advertising moguls in which to share objective advice and network with others in and related to their field. There are also relaxed aspects of the business community, with pop up events such as lunchtime ping pong tournaments and cycle clubs (commonly using Boris bikes)
3. Sharing of costs (in an iconic place to work)
Due to its central location, outstanding transport links and general location to some of the biggest hitters in the media industry (and tourist hot spots) Soho is a dream office location for many. However, as with anything in life, these advantages come at a price, which often pushes many smaller companies out of the market.
Soho is ideally suited for nearly every industry but particularly for advertising and media companies. This is down to the great transport links to all the other key office areas in London including:
- The Elizabeth Cross Rail line, which is due to open in 2021, will offer a link to Shoreditch (another creative and tech-focused location)
- Canary Wharf, commonly known as the financial district, in 13 minutes
There is also, of course, the obvious point that with local streets including Oxford Street, Piccadilly Circus and Leicester Square people can get to pretty much anywhere in London; with thanks to the wealth of London tube stations and lines based in the area. For those who fancy a more alternative commute, Soho can also be accessed with the London Cycle Highway and the London River Bus (a great way to avoid the hustle and bustle during peak hours) and get some exercise.
There is a wide range of companies (both large and small) who would love to have an office based in Soho simply due to the great location, However many simply cannot afford the office rates in the area. This combined with the dominance of the local creative industry has transformed Soho office space, with a wide range of shared office and coworking opportunities available. Whether you are looking to own/rent an office in Soho and offset your overhead costs by subletting/renting spare desk space or; to rent spare desk space from another company there is a mutually beneficial solution available. Financially, office sharing or coworking in Soho will help you to:
- Afford business space in a premium location without bankrupting you or your small business
- Offset mortgage or running costs by utilising and renting unused/empty office space
- Invest in your office space by making adaptions such as more relaxed ‘breakout’ spaces or introducing an office coffee shop (or bar)
- Offset costs associated with upgrading office resources such as internet/wifi, improved printers and scanners or flexible meeting/collaboration spaces.
In Summary
For many, Soho in London is one of ‘the’ places to work. With its great transport links to the rest of London (and further away) meeting new and existing clients is easy. Soho also plays host to some big industry hitters in the creative, media, advertising and marketing industries. This offers the option of fantastic collaborations, freelance opportunities and experience working on large budget projects, all facilitated through the local business networking community. Through this networking business approach larger companies are able to source highly experienced staff, who may not be on their payroll, with ease; sometimes by just turning to those in the desk space next to them.
With all the financial, networking and social opportunities an office in Soho can provide it’s not surprising that despite the large price tag many companies, freelancers and consultants are keen to find a solution so that they can work there. Through simple steps such as renting spare office space within a larger company's office or joining some of the many co-working hubs; that dream Soho office isn’t as unachievable or unaffordable as you may think.
