Victoria or Waterloo: Where Should You Rent Office Space?

Victoria or Waterloo: Where Should You Rent Office Space?

Victoria and Waterloo are both Central London locations built around major rail stations, and businesses seeking a well-connected base often shortlist both. In this article, we compare their similarities and key differences to help you decide which location is the better fit for your business.  

Key Similarities Between Victoria and Waterloo

Victoria and Waterloo are home to two of the busiest National Rail stations in Britain. Between April 2024 and March 2025, Waterloo recorded over 70 million entries and exits, beaten only by Liverpool Street, while Victoria reached almost 54 million. Each location benefits from direct trains from large commuter catchments south of London, widening the talent pool for nearby businesses. 

The locations often appeal to companies looking for office space in Central London outside the City core and the heart of the West End.

Regeneration has shaped both Victoria and Waterloo in recent years, transforming them from transport hubs into major modernised office destinations. 
 
We receive enquiries for both areas from hybrid and commuter-heavy teams, regional firms opening a London office, and organisations that need to be close to Westminster. 

Victoria vs Waterloo: Factors to Consider

We’ve compared the two locations across a range of factors to highlight their differences. 

Employee Commuting

Having placed businesses in both areas, we find the team’s commute is often the deciding factor, as each station serves different regions. 

Victoria station’s mainline services run to East Croydon, Brighton and the Sussex coast, as well as parts of Kent. In comparison, Waterloo station serves south-west London and beyond, offering direct trains to Woking, Guildford, Southampton, and on to Wiltshire, Dorset, and Devon. Neighbouring station Waterloo East also adds routes into Kent and south-east London. 

For staff living in London, Victoria is served by the Circle, District, and Victoria lines, while Waterloo has the Bakerloo, Jubilee, Northern, and Waterloo & City lines. 

Onward Travel and Airport Links

Both areas are well connected across London; however, each offers unique links for onward travel. 

The Waterloo & City line runs between Waterloo and Bank, providing a direct journey into the heart of the City in less than 5 minutes.
 
On the other hand, Victoria is the starting point for the Gatwick Express, a dedicated non-stop service to Gatwick Airport in around 30 minutes. The Victoria line also connects directly to King’s Cross St Pancras and Euston for mainline trains to the Midlands, the north, and Scotland. 

Office Costs

Based on our July 2026 pricing tool data, the average desk for a serviced office in Waterloo costs £449 per month, compared with £790 in Victoria, making Waterloo about 43% cheaper. 

This gap also appears across team sizes. A 10-person office costs around £7,900 per month in Victoria and £4,490 in Waterloo, while a 50-person office averages £39,500 and £22,450. In practice, a 10-desk office budget in Victoria would cover nearly 18 desks in Waterloo. 

Rates have also moved differently over the past year. Waterloo’s average has remained steady at around £450 per desk since July 2025, whereas Victoria’s rose from £852 to a peak of nearly £900 in October 2025, before falling to £790. The difference has narrowed, yet Waterloo remains significantly cheaper. 

Types of Office Space Available

Much of Victoria’s office space is found within newer Grade A developments around the station, with period buildings towards Belgravia. 

Waterloo mixes converted warehouses and railway arches around Lower Marsh and The Cut, with newer buildings along the South Bank. 

Example offices include this one on Victoria Street, a contemporary building situated opposite the station. We love this space for its floor-to-ceiling windows and atrium, creating a light-filled, inviting atmosphere.

By comparison, this converted warehouse is located near the river on Hatfields, Waterloo. When viewing the building, our clients often note the interiors' character, with original features like exposed brickwork and ceiling beams. 

Business Environment

Victoria has a strong concentration of government departments, corporate headquarters, law firms, and consultancies. We find Waterloo has a more mixed business base, with corporate offices alongside media, tech, and creative firms, anchored by King’s College London, St Thomas’ Hospital and the South Bank’s arts venues. 

This shapes who is nearby as potential clients, partners, and suppliers, and which employers you compete with when hiring. 

Local Amenities

Victoria’s amenities centre on the working day, with chain restaurants across Nova Place, and Market Halls, a large indoor food court for lunches. St James’s Park is also a short walk away for peaceful open green space. Hotel bars, and the Apollo Victoria and Victoria Palace theatres provide evening entertainment for clients. 

Waterloo offers a more independent, cultural atmosphere, with dining options along The Cut and at The Sidings, plus the Lower Marsh street food market. Staff can take an outdoor break at Jubilee Gardens, while riverside restaurants are ideal for hosting clients. The Southbank Centre, National Theatre, BFI, and Leake Street Arches combine evening culture with relaxed bars for post-work drinks and team socials.
 
Business Address and Client Perception

Victoria has an SW1 postcode, placing it alongside Belgravia and St James’s, giving businesses an established, premium address.

Waterloo’s SE1 address comes with a South Bank identity, associated more with culture and creativity than tradition and prestige. 

In our experience, a business address matters most to firms that value reputation, credibility, and image. 

Which Location Should You Choose?

In our experience, commuting and budget usually decide the choice, but we’ve weighed every factor to help you choose with confidence.  

Choose Victoria If

•    Your business places a high value on its professional image and regularly hosts clients. 

•    You want a modern, corporate building close to government and professional services firms. 

•    Most of your team travels in from the Sussex and Gatwick corridor, or staff and clients fly regularly. 

Choose Waterloo If 

•    You want to maximise office space and facilities within your budget.

•    Most of your team travels in from the south-west, or your meetings are mainly in the City.

•    You prefer a more varied, less formal business environment. 

If Your Priorities Are Split

You may find that each location suits your business in different ways. In that case, we advise hybrid firms to pick the location with the best commute times, while client-facing firms should choose the area that best fits their brand. 

In our experience, the right office often matters more than location. As brokers, we can help you shortlist and compare office space to rent across both locations. We also recommend viewing suitable options in both areas before deciding.

Alternative Areas if Neither Fits

Organisations looking at Victoria or Waterloo typically want an office near a major station. Many employers who start their search in these areas often go on to look at other well-connected locations, such as: 

•    London Bridge: for rail connections to Kent and Sussex, along with Thameslink services to Gatwick, Luton and Cambridge. The City is also a short walk across the river. 

•    King’s Cross: provides mainline rail connections to northern England and Scotland, with Eurostar services from St Pancras International for businesses that travel to Europe regularly. 

•    Paddington: which suits businesses with staff commuting from west London and the Thames Valley, with direct links to Bristol and south Wales. The Elizabeth line and Heathrow services also make it a strong choice for businesses that fly internationally.

Both areas offer similar connectivity, but each location suits different priorities and businesses. Victoria provides a premium postcode and fast links to Gatwick and King’s Cross St Pancras, while Waterloo offers more space for your budget and a fast link to the City. 

We advise you to start your search by considering where your team travels from and how much you're willing to spend on your next office. For more detail on each location, read our Victoria and Waterloo area guides.