For centuries, the City of London has been at the centre of Britain’s commercial life. Also known as the Square Mile, it remains one of the most desirable locations for businesses globally. Companies are drawn to the area for its infrastructure, prestige and access to skilled talent.
At FreeOfficeFinder, we have placed many organisations in office space within the City of London. This article delves deeper into the City of London, exploring its definition and the reasons behind its business appeal.
What is Considered the City of London (Square Mile)?
The City of London is the historic core of the capital and covers just over one square mile. It includes Bank, Moorgate, Monument, Cannon Street, Mansion House, Barbican, and Fenchurch Street. Liverpool Street, Blackfriars, Aldgate, and St. Paul’s make up its borders.
It operates as an independent local authority within Greater London, known for its self-governance and commercial roots. The area blends historic medieval streets with modern architecture and is home to landmark buildings like St Paul’s Cathedral, The Leadenhall Building and The Gherkin.
Today, it represents London’s identity as both a financial powerhouse and an innovation hub, offering a diverse mix of characterful period buildings and state-of-the-art workspaces.
What Are the Benefits of Renting Office Space in the Square Mile?
Over time, we’ve seen many clients choose to base themselves in the Square Mile. Beyond its historic reputation, the City of London offers a wealth of advantages that attract and support businesses across a range of industries, including:
• Enhanced Reputation and Credibility
The City of London is one of the most sought-after business addresses in the world, which can instantly boost a company’s reputation.
For many of our clients, it conveys trust, stability and professionalism. This is particularly important in the legal, finance and consulting industries, where image is more important.
• Prime Businesses Connections
Being surrounded by major financial institutions and leading firms in law and professional services enables businesses to collaborate and build valuable connections.
There are also more networking opportunities, with many serviced offices hosting regular industry talks and social events.
• Strong Transport Links for Commuting and International Travel
The City of London is one of the best-connected areas in the capital, serving multiple tube lines, which makes daily commuting straightforward.
Bank station offers access to the DLR, which provides a direct route to Canary Wharf and London City Airport. Liverpool Street connects to Heathrow via the Elizabeth Line and offers direct trains to Stansted Airport.
Other rail services also operate at Moorgate, Blackfriars, Cannon Street and City Thameslink. These stations link to Gatwick Airport and other destinations across the UK, supporting clients and staff who do not live in London.
• A Variety of Flexible Workspace Options
The City of London offers a wide range of flexible workspace options, including serviced, managed and coworking offices. This allows businesses to scale up, downsize or even relocate without having to deal with the limitations of a longer lease.
This makes the area especially appealing to startups and growing companies that are not ready to commit to anything long-term and may need to expand quickly.
• Premium Office Facilities
Many office spaces within the Square Mile are equipped with premium facilities, including high-spec meeting rooms, communal lounges, cafes and even rooftop terraces. Bike storage, wellness rooms and on-site gyms are also often provided, and help to support the health and well-being of employees.
• Excellent Local Amenities
Outside of the office, the City of London also boasts exceptional retail and dining options – including Leadenhall Market, Spitalfields Market, Broadgate Circle, One New Change and The Royal Exchange.
Cultural highlights include St Paul’s Cathedral, the Barbican Centre, Guildhall and the Sky Garden. Green spaces like Finsbury Circus Gardens and Postman’s Park offer a peaceful escape, perfect for lunch breaks and fresh air.
We’ve found that businesses value a variety of workplace perks, as well as a choice of local amenities. Several companies have told us that this combination helps to create an environment that impresses clients, in addition to enhancing work-life balance for their teams.
How Much Does Workspace in the City of London Cost?
The cost of an office space within the City of London can vary greatly and comes down to the location, building and type of workspace. The area provides a solution for all kinds of business models, from startups to international corporations.
• Serviced Offices
Serviced offices in London within the Square Mile typically range from £500 to £1200 per desk per month. However, this depends on the proximity to major stations, as well as building quality and amenities.
Serviced workspaces are fully furnished with a monthly fee that includes rent, utilities and service charges. They are an ideal solution for companies that want to move in and start working straight away, with no setup costs.
• Managed Offices
Managed offices are usually priced at around £210 per square foot in Central London. However, prime locations with a prestigious address within the Square Mile can vary from £110 per square foot to around £195 per square foot.
Managed workspaces tend to be more cost-effective than serviced offices because the price you pay often includes dedicated facilities such as meeting rooms, breakout areas and kitchens. They also allow greater freedom for customisation, including furniture and branding.
• Coworking Spaces
Hot desks or dedicated desks within coworking spaces are usually offered for around £250-500 per month. This solution combines affordability and flexibility and suits freelancers, startup companies and hybrid teams. Coworking offices are shared spaces which often prioritise collaboration and community.
• Traditional Leases
Prices for traditional leased offices can vary significantly, depending on the fit-out requirements and building quality. They tend to be more expensive in the long term because the organisation must pay for setup costs, as well as bills on top of the monthly rental fee.
However, traditional leased spaces provide stability and offer full control in terms of customisation and branding, often appealing to larger and more established businesses.
We help clients compare options within the City of London and negotiate terms, ensuring that they secure the best workspace for their budget and business needs.
Who Rents Office Space in the City of London?
The Square Mile attracts a diverse range of businesses, from well-known corporations to up-and-coming startup companies. It is especially popular with organisations in these industries:
• Big Corporations and Financial Institutions
These companies tend to rent office space around Bank, Monument and Fenchurch Street. Businesses based in these locations benefit from being close to the Bank of England and other landmark buildings, reinforcing their reputation and prestigious image.
• Accountancy and Law Organisations
St Paul’s and Blackfriars are more popular for accountancy and law firms as they are close to London’s professional network and legal district around Temple and Fleet Street.
• Firms in Consultancy and Professional Services
Typically based in Moorgate and Cannon Street, these companies benefit from strong transport connections, making it easier to organise client meetings and modern serviced offices.
• Startups, Fintech and Creative Companies
Startups, creative and fintech businesses are often attracted to Liverpool Street, Aldgate and Barbican for their flexible workspace options and excellent transport links, which help to support growth and collaboration.
These areas also offer access to Shoreditch’s creative and tech community, as well as the City’s financial institutions. This makes them ideal for businesses that thrive on innovation and networking.
The City of London offers a prestigious address, accessibility and a range of workspaces, solidifying it as one of the top areas for business.
With over 20 years of experience helping companies find office spaces in the Square Mile, we understand what makes each part of the city unique. Our team can offer their expertise and assist you in finding a workspace that will support your employees, company culture and long-term business goals.
