a recent report from business journal Forbes placed London as the fifth most costly city in which to buy a property. So if your business demands space in the capital, how can you make it work?

We spoke to JLL’s James Miller, Chris Knight and Tim Clement, specialists in London’s commercial property world, to get their advice.

" /> How to afford industrial space in London | JLL

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How to afford industrial space in London

The diversity, the vibrancy, the volume of people, the connections… There are thousands of reasons a business might want to set up a base in London, but one major stumbling block for many: the cost.

Demand for industrial space in big smoke is far outstripping supply, and a recent report from business journal Forbes placed London as the fifth most costly city in which to buy a property. So if your business demands space in the capital, how can you make it work?

We spoke to JLL’s James Miller, Chris Knight and Tim Clement, specialists in London’s commercial property world, to get their advice.

Explore outside the centre

Away from the bright lights of the West End, Oxford Street’s shopping mecca and the City’s Square Mile, you’ll get more options and your money will go further. Heading to an up-and-coming area might not have quite the same buzz but it wasn’t long ago that Shoreditch was seen as being on the fringes of London and now it’s a destination in its own right. Try exploring areas a little further out with fast connections to the people or businesses you need to reach. Hackney, Silvertown and Tottenham Hale are all the throes of massive regeneration right now.

Find your community

From fashion to food, hubs centred around certain sectors are popping up across the capital – and it’s well worth finding your tribe. By locating near to other similar set-ups, you can benefit from their experience, share expertise and maybe even swap a few favours that will save you money. Park Royal in NW10 has long been recognised as something of a foodie hub and is widely seen as the bread basket of the capital. Units in Perivale Park and Greenford are proving popular with film and prop companies keen to be close to studios including Pinewood and the BBC. Hackney and Bermondsey seem to attract creative businesses, meanwhile South East London sites are a magnet for coffee startups, flocking to the area for its close proximity to Borough Market.

All-inclusive offers

London rents are never going to be cheap. But an all-inclusive deal might just help you keep a tighter rein on your budget. Look out for landlords who are prepared to offer packages which include rent, rates and service charge.

Think outside the box – figuratively speaking

I
f you don’t have to have the standard, ground-floor unit, then you could benefit from more choice and better value. London landlords are getting savvy about maximising their space so more units with mezzanine levels, multi-storey sites, subterranean buildings and what’s known as ‘beds and sheds’ – units with residential flats above them – are on the increase.

Getting around

London is different from many cities across the UK in that public transport tends to be the norm. Being close to a tube or rail station has serious cost benefits when it comes to travelling in to central London for meetings or deliveries – it means you won’t need to contend with time-wasting traffic, costly taxis or expensive parking.