Cheap London coworking spaces: top 5 budget options for SMEs right now

Switching to coworking space has become a common solution for businesses this year, as firms downsize to reduce overheads. The most affordable option is a hotdesk at Icon Offices. Priced at just £60 a month per user, an Icon hotdesk is great value, and also comes with strong business support and a long list of perks and incentives.

But with just three locations to choose from, Icon Offices may be limiting for startups based all over the capital. For London office space, you might be better off considering Regus Business Lounges, which has nearly 80 locations and great pricing, starting at £125 per month per user:

While it can be wishful thinking to use the phrase ‘cheap office space in London’, given how expensive the UK capital is, now that business rates have gone up, it’s an especially smart time to begin looking away from renting full-time office space in London.

As the world moves towards hybrid working, there has never been a wider range of providers offering flexible payment packages for hybrid or part-time workers in London (there’s even workspaces in London that are completely free to work from).

We’ve collated a list of the best cheap office space in London – recently voted the best city in the world for coworking – all of which offer full-time membership for less than £130 (plus VAT) per month. Read on to find the best deal for your business.

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FEATURED	CHEAPEST PROVIDER
Regus Business Lounge	Icon Offices	Wimbletech CIC	Clockwise	Creative Works
Location(s): 97	Location(s): 3	Location(s): 7	Location(s): 1	Location(s): 1
Membership cost: £125 per month	Membership cost: £60 per month	Membership cost: From £65 + VAT per month (subject to location)	Membership cost: £130 per month	Membership cost: £80 + VAT per month
Best for Prime locations	Best for Business support	Best for Networking	Best for Aesthetic	Best for Creative teams

What is coworking space?

Coworking space, also known as serviced office space, is essentially office space which is shared by multiple companies who ‘hotdesk’ (a system where desks, meeting rooms, and offices are allocated via a rota). Because the members are all funding the building’s upkeep, coworking generates large cost savings and convenience.

Coworkers will usually also get access to paid-for perks like equipment, utilities (yes, even energy bills), a receptionist, and custodial services. This is a huge benefit in the current poor economy, as you won’t have to worry about paying third-party service providers or extortionate gas and electricity bills this winter.

Some might argue that the coworking boom happened when big-wig provider, WeWork was founded back in 2010. But many industry leaders think the sector has gained a second wind post-COVID, as the return to office debate sees companies look for more flexible rental contracts that can support a hybrid working model.

What will I get for £60 per month?

The cheapest provider on this list, Icon Offices offers a choice of three service office spaces in East London. This means that utility bills and a receptionist service are included in your monthly rent – a big incentive for growing SMEs that want to keep coworking costs to a minimum.

If you’d like more options, Icon Office users can choose between a variety of packages including:

• Serviced offices
• Virtual offices
• Coworking space/shared offices
• Meeting rooms

Sole traders, or those who just require an office desk to get their focus work done, are also able to hot desk at their chosen site’s shared business lounge between 9am and 5pm, Monday to Friday.

What is an Icon Office like to work in?

If having a speedy internet connection is important to you, you’re in luck. Icon Offices has invested in having its own exclusive fibre optic cables laid beneath its buildings, meaning upload and download speeds of up to 100mbps are accessible in its spaces. Plus, it’s also the best 24-hour coworking space in London.

While Icon Offices’ business lounges are not the most attractive space compared to more premium options in this list, they do the job well with ergonomic seating and splashes of colour that keep the space contemporary. The company also ranks highly for business support, offering services like brand and logo creation.

As well as the lounge, the buildings are home to private offices and a meeting room that you can use for free once a day (£3 per hour after that). You can also choose to purchase a day office for 1-4 employees, priced at just £35 per day – a real bargain compared to large competitors such as WeWork.

What other plans are available?

What will I get for £65 per month?

With Wimbletech CIC’s most affordable package, known as Flexi, you’ll be able to hot desk at your chosen The Workary facility. Prices vary across The Workary’s locations, ranging between £65 and £95 per user, per month.

The Workary does not deal with complicated contracts. Monthly members simply pay for the first and last month’s desk rental, together with any additional services.

What’s a Workary building like to work in?

With seven offices located across London, The Workary is founded on a strong sense of community. So, if networking, skill sharing and collaborating is your thing, you’ll find a welcoming, productive home in one of The Workary’s modern-looking sites. Perks include:

• Invites to entrepreneurial events
• Free marketing and promotion of your business through The Workary’s comms
• Storage locker for £10 per month
• Members directory to list your skills and services and connect with investors and mentors
• Discounted access to local meeting rooms and event spaces
• Unlimited tea, coffee, biscuits and cold drinks on offer

There are a few caveats to The Workary’s Day Pass, however. Users must arrive between 10am and 11am on the day to collect and activate your pass. On top of this, all day passes must be booked a minimum of 48x hrs in advance.

It is important not to forget these details, as any booked passes are non-refundable and are only valid on date booked.

What other plans are available?

Some Workary locations offer more options than others. If you are based in Mitcham, Rickmansworth, Maidenhead, Caterham or Wimbledon, you’ll be able to choose from the following short-term plans:

• Day pass (ranging from £15-£25 per day)
• Weekly pass: (ranging from £45-£75 per member)

On top of this, all offices allow members to rent a dedicated desk (not just a hot desk) for anything from £95-£185 per month depending on location.

The Workary Caterham and The Workary Rickmansworth also offer private rooms which cater from either 4-10 members or 2-20. Members get a 50% discount on this price.

*Only available at Caterham, Mitcham, and Maidenhead

How does coworking space work?

Coworking buildings are run by a provider, who will take care of utility bills and maintenance fees. In exchange, the business pays a membership fee, allowing them to ‘rent’ a desk or communal area to work in.

On top of being more affordable than office rent or lease fees, coworking spaces tend to come with lots of modern perks, bridging the gap between home and office working. Members get access to networking and community events, as well as office amenities home comforts like tea and coffee.

Many coworking providers are also increasingly offering hybrid of flexible plans to those who only work from the office some days in the month – preventing managers from forking out thousands in rent on an office that goes unused four days out of seven.

Another reason firms switch to coworking space is the confirmation of a business address. This looks much more professional to clients than using a home address and represents a significant step up for scaling startups.

What types of businesses are coworking space suitable for?

The most popular coworking plans are those that offer hotdesking arrangements in business lounge areas. These are naturally best-suited to freelancers or sole traders who are in the early-stages of starting a business who are happy moving base regularly.

Of this group, coworking spaces make the most sense for those based in an online industry. Whether insurance and legal professionals to marketers and web designers, we recommend them to anyone who can do their job remotely.

That’s not to say you can’t be a bigger team to use coworking space. In the face of rocketing overheads and a rise in business rates, more companies are turning to coworking space to keep costs down – even those with 10 or 15+ employees.

Increasingly flexible plans also mean you can sign up for anything ranging from a single desk, to an eight-person office, giving business owners lots of choice over price and length of contract.

Read more: Barclays launches two new Eagle Labs in London and Birmingham

Final review: the best cheap coworking space in London

These coworking spaces might not provide exactly what you need. You might prefer a dedicated desk, for example, or even a private office in a coworking facility, for example.

If that’s the case, take a look at our guide to the best coworking spaces in London for a range of options for entrepreneurs with a larger budget.

All of the information in this article is correct as of October 2023.