The most historic and well known financial district in the world is a great address for your business. So, what is the cost of renting an office space in the Square Mile?
|Location||Grade A||Grade B|
|EC2 – Liverpool Street||£60 - £85||£28 - £55|
|EC3 – Lloyds||£60 - £98||£35 - £55|
|EC4 – St Pauls/Bank||£55 - £82||£40 - £55|
The Square Mile part of the City of London is renowned for its rich history, bustling streets, and iconic landmark skyscrapers, as well as being a key central business district of London. It is world-renowned as an iconic part of London’s business landscape.
The area is focused around the Bank of England and Bank underground station. The area is steeped in history and is rich with commercial spaces meaning a ‘suited and booted crowd’ pound the streets at lunchtime hunting for a quick grab and go lunch. The office stock is made up of tall skyscraper buildings such as The Gherkin, The Walkie Talkie and Cheesegrater (the Leadenhall Building), together with glass fronted corporate style buildings suitable for the major blue-chip banking and financial focused companies who tend to base themselves in this area.
Get in touch with our team of expert London office rental agents for more information on property in the area.
The Square Mile offers an abundance of high-spec commercial properties for businesses looking to be part of one of London’s most iconic business districts.
With a large concentration of office workers in the area, transport links are frequent, and cover several corners of London. The Square Mile has several Underground stations within its diminutive boundary, including Bank, Monument, Liverpool Street, Moorgate, and Barbican. These stations provide access to multiple underground lines, such as the Central, Northern, Circle, Metropolitan, Hammersmith & City, and District lines. The DLR also serves Bank station, offering connection to the Docklands area and beyond. Nearby Liverpool Street opens up the rest of the UK, and of course it’s easy to walk across the compact area. For international travel, London City Airport is just 20 minutes away.
Journey times from Bank by tube:
Oxford Circus – 9 minutes
Kings Cross – 12 minutes
London Bridge – 5 minutes
London City Airport — around 20 minutes via DLR
Heathrow – 45 minutes (1 change)
Due to the volume of people working in the Square Mile, the leisure and retail offering is growing and improving considerably. The opening of The Ned (an old banking hall turned into a hotel, 9 restaurants and a Members Club) has highlighted the demand for more leisure and retail in the area and has been popular since opening in 2017.
If a team lunch is on the cards, then we would recommend heading to L’Entrecote on Old Broad Street for some simple and straightforward steak or the Caravan restaurant in the new Bloomberg development on Cannon Street is well worth a visit. For late night cocktails and impressing clients, try Demon, Wise & Partners or The Mayor of Scaredy Cat Town.
If your staff are more of a healthy bunch, then there are a number of gyms in the Square Mile including 1Rebel, Virgin Active or Gymbox.
Our hidden secret… Porterford Butchers on Bow Lane. Some of the best meat in the city and a good selection of cooked meats for that lunchtime protein fix.
HOW DO I FIND OFFICE SPACE TO RENT IN THE SQUARE MILE?
Want to be in the thick of it with a Square Mile office space to call your own? Well, you’ve come to the right place – we’ve helped many a business make the big move!
Our expert team can create a bespoke office search to help find you the Square Mile office space that suits your needs. Our knowledge and experience of the market means we have the buying power to help you secure your dream office. We even project manage the office fit out for you to help turn your vision into a reality.
Parts of the Square Mile are the most sought-after in London, and with global giants vying for commercial property, prices can reflect this.
Depending on postcode, a no-frills office can be had for as little as £25 per square foot (for example in St. Pauls/Bank) which is comparable to other areas of London. For those looking for office space in EC3 (Lloyds) however, a high-specification office space can cost as much as £100 per square foot. If you’re seeking considerable office space in the area, consider getting professional advice and guidance. The Making Moves team have agents on the ground in the Square Mile who have years of local expertise and would be happy to help – get in touch.
For hundreds of years, the Square Mile or City of London part of the city has been synonymous with finance. It is home to the Bank of England, London Stock Exchange, and countless financial institutions.
As well as this, professional services and consultancies flock to the area for the standard and scale of available office space. With an affluent crowd working in the area, hospitality and retail businesses also flourish, particularly those selling premium and luxury goods. These exist alongside hustling startups sharing serviced office spaces, so whatever your business size or sector, consider a space in one of the world’s most iconic business districts.
Parking within the Square Mile area of London is limited. With several restrictions covering on-street parking, as well as the London Congestion Charge, parking in the area can be challenging and expensive. For those willing to plan ahead, parking can be found in the area – there are on-street options which can cost as much as £10 per hour for high emissions vehicles. Check parking apps for up to date pricing and availability, and it tends to be best to book parking ahead where possible. Some larger car parks in the area are at Barbican Centre, London Wall, Baynard House, and Smithfield though number of spaces, availability, and pricing can vary.
Though the area is dominated by high rise office blocks and skyscrapers, the Square Mile has lots of mixed-use units, many of which contain gyms to cater to a busy office crowd. The area has gyms serving a range of price points, from PureGym and Fitness First (which even offers online classes for the very busy), to the popular 1Rebel and Stillpoint Yoga Studio for those looking for something more specialised or a boutique gym experience. There are more than twenty gyms within a relatively short footprint, so staying fit while working in the City of London shouldn’t be an problem.
While commercial properties within the Square Mile tend to be tall, custom-built office spaces with multiple floors for both large scale businesses as well as those looking for premium serviced office space, there are a range of office sizes available for those looking for something smaller or more specific. While buildings like The Cheesegrater and The Gherkin are focussed around larger companies with significant staffing requirements, smaller offices suitable for SMEs and startups and scaleups do exist within some of the areas iconic buildings as well as in smaller offices.
If you’re unsure what or where will work best for your business or how far your budget might stretch, contact our team who can provide expert relocation consultancy.