- Startups.co.uk published a study that identifies the top areas for coworking in London.
- The study took into consideration workspace price, size, internet speed, and transportation links, among others.
- The study found that location is the top motivator for professionals when choosing a coworking space to call home.
According to Startups.co.uk, one of the UK’s leading resources for people starting a business, the number of coworking spaces is set to increase by 42% by 2022.
With so much choice out there for burgeoning London businesses to choose from, and with the regeneration of areas like Victoria and King’s Cross offering alternatives to traditional coworking hotspots, Startups’ study provides an insight into where’s best to work in 2019.
The study identifies the top areas for coworking by taking into consideration key motivators, including number of spaces, desk price range, internet speeds and transport links in 43 areas – from Angel to Vauhall and everywhere in between.
The results might come as a surprise to some. For example, Shoreditch, which has long been regarded as London’s coworking capital, only just makes the top 10. Along with London Fields, another coworking hub, it is outranked by better-connected areas like South Bank.
“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.” – Scarlett Cook, Author at Startups.co.uk
Let’s take a look at the study’s highlights.
“Location” is the top motivator
- 84% of businesses cite “location as the single most important factor when choosing a shared office space.
- Good transport links can have a significant impact on an employer’s ability to attract world-class talent.
- London still ranks #1 for starting and growing a business, but facilities vary massively according to different locations.
“The key criteria when choosing where to set our office up were location and price. We had to be central so that we would be competitive enough to attract talent…, and within an easy distance of as many clients as possible.” – Charlie Johnson, founder of Brighterbox
Top 10 locations in London for coworking
Stratford / Hackney Wick
Shoreditch / Old Street
The study shows that areas in prestigious West End locations like Kensington and Marylebone have reasonably priced coworking membership options.
In fact, Central London boasts six of the study’s top 10 locations compared with East London which lays claim to just three, despite its abundance of trendy new spaces.
Startups.co.uk also ranks the top five locations for North, East, South West and Central London – view the full study to find out where comes out on top.
King’s Cross is top boss
- The recently regenerated King’s Cross is the hottest coworking hub at the moment, according to the study.
- 16 transport lines service the area, making it the best-connected place in the city for commuters travelling locally, nationally and internationally.
- King’s Cross has 10 coworking spaces currently, and desk prices range from £129-£743 per month, making it suitable for all budgets.
- Kennington (43rd), Angel (42nd) and London Fields (41st) trail behind with one transport link each and desks starting at £200 per month.
Other interesting findings
- For freelancers and small businesses on a budget, The Camden Collective is the cheapest coworking space, according to the study.
- Startups also found coworking memberships for under £100 per month in Tulse Hill, Spitalfields and, perhaps surprisingly, Kensington & Chelsea.
- Notting Hill, Vauxhall and Angel are among the most expensive areas to cowork in – desks start from as much as £375 per month.
- When it comes to internet, parts of the city’s financial core rank among the slowest – Bank and Moorgate have 41.9 mbps (megabits per second).
- The best internet speeds can be found in typically wealthier suburban areas, including Fulham, Chelsea and Battersea (59.9 mbps).
The study also contains insights from coworking members, including Mathias Linnemann, co-founder of Worksome and a member of RunWay East’s new London Bridge space.
“…One of the most important factors is that the people running the coworking space know all about the other startups, and can introduce you. They should know who does what, what stage they’re in, who just got funding (even from which investors), who’s having which problems, and who in the building can help solve them.”
Where do you think the best place to cowork in London is? Share your thoughts on Twitter @Allwork_space.