Mayfair, the neighbourhood of choice for the high end diner and retail aficionado, may seem like an unlikely pull for the tech start-up. But in actual fact, there are lots of reasons why new businesses are flocking to the source office space Mayfair wide.
Nestled between the Piccadilly and Grosvenor Square districts, Mayfair has earned a reputation as one of the most sought-after places to live in west London. With the average detached property going for around £3.5 million and having overtaken Knightsbridge as the most expensive area of London, Mayfair has come a long way since its origins as a muddy field that once held the May Fair. But this doesn’t explain why the area is becoming one of the most popular setup locations for tech businesses.
What does explain it though is the concentration of universities in the area that typically attract young entrepreneurs into the area. Plus the fact that Mayfair, and its neighbour Soho, are meccas for the creative set.
In 2018, the University of Westminster launched a pop-up start-up festival. This, combined with a big push from the local council to transform the borough into a new haven for business, opened Mayfair’s doors as a start-up magnet.
Support for the new business is strong. The City of Westminster’s Westminster Business Unit offers tailored support to start-ups accessing government funding. Plus, in 2017, Swedish digital infrastructure specialist VX Fiber partnered with Grosvenor’s London Estate to support its 20 year vision for Mayfair and Belgravia to enjoy the best digital connectivity possible. The Prime Fibre project entailed the creation of a new gigabit-capable fibre broadband network throughout the area, providing residents and office space Mayfair wide with access to the fastest and highest quality internet in the UK.
What’s more, Mayfair is home to many serviced offices, perfect for the tech start-up.
Why do tech start-ups favour serviced office space in Mayfair?
The serviced office delivers a fully-fitted, ready out-the-box place to set up a business. With no need to buy your own furniture, arrange internet access or sort out other utilities or services, it is a simple way to get started.
With lower setup costs, the tech start-up can keep its budget in check and get off the ground quickly. Plus, most serviced offices provide cutting edge technology and smart building controls, as well as appealing extras much in demand by the young business, such as onsite gyms and restaurants, meeting and collaboration rooms, kitchens, bicycle storage and showers. With all costs rolled up into an easy-to-manage package, it is easier for a new business to manage its cash flow.
Further, a serviced office will often be let on a flexible lease basis, which can prove beneficial for businesses in their earlier years.
Why office space in Mayfair ticks all the boxes for the tech start-up
Excellent transport links featuring an array of London Underground stations make Mayfair an attractive proposition and, with Crossrail on its way, there are even more reasons to locate in this area. And that’s not all.
Tech specialists and creatives thrive on thinking time, and there’s nothing better than a green space to do just that. Mayfair offers its fair share of green spaces. From St James’s Park and Hanover Square to Cavendish Square and Grosvenor Square, there are plenty of places to grab some headspace in an inspiring natural environment.
Looking for office space? Mayfair your location of choice? Talk to Mellersh & Harding, experts in commercial property in London.
If you are looking for quality office space, Mayfair could prove the ideal choice. With a wide variety of serviced and traditional offices, there is bound to be something to suit your tech start-up.
At Mellersh & Harding, we offer an extensive portfolio of offices in Mayfair. Why not contact us today to discuss your specific requirements? You can reach our dedicated team on 020 7522 8500.