A guide to office space in London East End and City
The EC area of London is where opposites meet; it's home to bankers and stockbrokers from The City, as well as creatives from marketing and advertising agencies. The area is also rich in history, thanks to its constant occupation since the founding of London, and proximity to the Thames. There's workspace of all styles to suit all budgets in this eclectic area.
The location
The main areas making up the EC postcode of London can be split into two districts; The City, (otherwise known as the Square Mile) and Shoreditch/Old Street. (Canary Wharf, slightly further east, is viewed as its own area.)
Generally speaking, the City is considered the heart of the financial district, with Liverpool Street, Moorgate and Bank stations being the focal points. Moving further east and slightly north brings you to Shoreditch and Old Street, which is considered a creative and IT hub. Indeed, the EC postcode is increasingly becoming known as a technology hub because of the Silicon Roundabout and Tech City area.
Farringdon and Clerkenwell, both part of the EC1 postcode, form part of the EC technology hub. They're connected by Old Street, which runs west to east from Goswell Road in Clerkenwell to Shoreditch High Street.
Neighbouring areas - price comparisons, per person per month
| Below are the prices of serviced offices given on a per person per month basis in the city, and are based on a minimum to maximum average, derived from our Sales Team's knowledge. |
| Area | Indicative price range |
|---|---|
| City of London | £650 – 1400 |
| Bank | £750 – 1000 |
| Liverpool Street | £700 – 1100 |
| Farringdon | £600 – 700 |
| Clerkenwell | £600 – 700 |
| Aldgate | £500 – 800 |
| Shoreditch | £400 – 650 |
Looking for an office in London EC
EC postcodes are invaluable to many industries — especially those businesses involved in finance, insurance and consulting, who need to be based in the area because of its status as one of the major financial districts of the world. Offices in this area are in easy-to-reach locations, since The City is small, and easy to walk around in, and there are excellent transport links.
Companies considering a move into the EC district often look for prestigious buildings and addresses, as well as similar companies close by. As a result, direct competitors can often be found in close proximity.
Most of The City businesses tend to be client facing; however, those with lower/tighter budgets often opt for virtual offices.
Client priorities tend to be
- Location
- Budget (it’s extremely competitive in the city)
- The type of building
Costs
As with all offices across any major city, location will massively affect the price. Generally, prices for fully serviced offices within the EC postcode will range from £450 – 1000 per person, with the majority falling between £650 – 750 per person per month.
Prices for offices within the EC postcodes are structured identically to those in serviced offices nationally. The price quoted is on a per person/per month basis. This can sometimes confuse clients, as they have a fluctuating number of staff or are looking to expand/downsize in the near future. What this 'per person' cost actually relates to is an amount of space, generally between 50-70 square feet, which is allocated per person. This then allows a prospective tenant to calculate how much space they might need and the associated costs.
Within the EC area, the market will always be relatively buoyant, as there is continuing development with new buildings opening regularly. There are also a number of high profile clients based in these areas, as outlined previously.
The investment into Old Street/Shoreditch (dubbed Tech City) from companies such as Google has served to reinforce the types of company looking to be based there. Prices are on the increase in the area, and would currently sit at around £400 – 500 per person.
Office sizes
We offer a great variety of office sizes, and are able to accommodate most enquiries, from one person through to 100 or more, depending on the specifics. Serviced office providers can be flexible with the layout of the workspace, and are happy to discuss partitioning to fit a particular requirement.
Why choose London EC?
Key benefits of working within the City of London EC include easy access west on the Central line into the West End and Midtown areas. There is also access north or south via the Northern line. The Dockland Light Rail is another efficient option, making the EC postcode area an attractive location for employees and commuters.
Aside from travel, the City of London is an area that will always be sought-after, regardless of what happens in other areas. To display a London address with an EC postcode on a company’s website speaks volumes to prospective clients.
A closer look at London EC districts
EC1
Companies in the EC1 postcode include Techhub, Infectious Media (#1 on Deloitte’s 2013 Fast Fifty list), Techstars, Google Ventures and Deloitte's Digital Headquarters.
EC2
The EC2 postcode, which covers Shoreditch, has a more laidback, creative atmosphere compared to its neighbours, and is populated by tech/IT companies, start-ups, web design agencies and other creative businesses.
The most famous tenant in Shoreditch is Google Campus, a co-working space in the heart of what is known as ‘Tech City’. Other big name businesses in the area include Yammer, an enterprise social networking site; Moving Brands, an international brand agency; and Geocast, who specialise in location-based advertising.
Liverpool Street and Bank also fall under the EC2 postcode. However, this district is characterised by its many corporate tower blocks, and traditional buildings with modern interiors. Bank, as the name implies, is home to the Bank of England and a number of financial businesses and recruitment agencies. Liverpool Street also accommodates a high number of recruitment firms, as well as insurance companies. Barclays, HSBC, NatWest, Nationwide, Halifax, Virgin Money and Bank of America, to name but a few, can also all be found within this part of the city.
EC3
The EC3 postcode is dominated by insurance companies and financial institutions. As a result, this area has a more upmarket, corporate feel. Tenants include companies like CJ Coleman, AAA Insurance, Cooper Gay Swett & Crawford, and Lloyd and Partners. Look out for the Lloyds Insurance building, which sits at the heart of the insurance district with its striking architecture.
For more information on the current state of the UK serviced office market check out our UK Flexible Workspace Review 2016.
Why do people love London EC?
We asked a number of local businesses in the EC area exactly why they love working here.
“The entire area is full of entrepreneurs! There are lots of fantastic networking opportunities and events, as well as a very vibrant social scene. There’s a magnitude of start-ups and fresh concepts are popping up all the time. The area is a central focus for Europe and a hub for innovation in the UK. It has a very diverse community of entrepreneurs from across the globe. It’s an iconic location. As well as being home to one of the biggest financial capitals in the world, it’s also diverse, quirky and has so much personality.”
John Dawson, partner at Kingston Smith LLP, and co-founder of East Central, an entrepreneurial network for business owners.
“The number of smaller businesses, particularly in the Leather Lane area, make it a great place to work and socialise, with so many people demonstrating their ideas and beliefs with great passion and urgency. Suited professional types and young, creative industries put the area ahead of the curve.”
Robbie Sykes, manager of CraftBeerCo in Clerkenwell.
“We are on the borders of four very different areas which offer us diversity and variety. We border the City and its financial district, local residential areas, 'Tech City' and the variety and diversity of Hoxton. We consider ourselves very lucky.”
Kay Merryman, Marketing Manager of Arram Berlyn Gardner, Chartered accountants.
“The EC area is a world away from the exhausting retail world of the West End, and attracts a more discerning type of customer, who is looking for something a little different — not run of the mill. Obviously the area is jam packed with office furniture designers, jewellers, graphic designers and architects — meaning there is a very creative feel to this area.”
Anita Morris, The Clerkenwell Collection.
Want to find out more?
If you’re looking to move into the area, or simply require more information, contact Instant Offices' specialist local consultants.
Email our team or call us and we'll be delighted to help you.