officebroker.com Investigates - Are you a Postcode Snob?
London might be one of the world’s most exciting cities for business, but it seems that many companies looking to secure office space in the capital still adopt a conservative approach and follow the flock to find an office in the most desirable postcode for their type of enterprise – irrespective of cost.
However, officebroker.com - the UK’s largest online broker of commercial office space, says many of these companies are missing out on great deals because they are unwilling to consider alternative locations.
The company’s Managing Director, Jim Venables, says: “Securing the right postal address is seen as a vital factor for many businesses looking to be located in the capital.”
“There are certain businesses which HAVE to be located in the two main central London areas - W1 - Mayfair and EC 2 & 3 - Square Mile. These companies tend to be the market leaders in property, finance, insurance, hedge funding; really anything that involves high net worth individuals.”
“Post code snobbery comes into the equation when companies who don’t HAVE to be in these locations insist upon it, despite the fact there are better suited and cheaper alternatives nearby.”
“For example, most insurance companies want to find offices in ‘Lloyds Triangle’ even though rental can be much cheaper just one tube stop or postcode away. And certain financial services companies insist on finding offices as close as possible to Threadneedle Street as they see having the right address of major importance.”
“These companies believe that customers make assumptions about their business and its reputation depending on location and that this is especially so in London,” says Jim. “However, we are seeing a new breed of Company Directors who are willing to buck the trend and ignore what they see as old-school postcode snobbery to find themselves better London office space deals.”
Insurance brokers, banks and financial services companies are amongst those most likely to insist on an office having the ‘right’ postcode, according to officebroker.com. However, fashion-related businesses can also be very conservative when it comes to location, says Jim. “In certain sectors it seems that image is everything and having the right address is seen as being as important as having the right Chief Executive or company figurehead.”
officebroker.com says that IT and media businesses are among the most open-minded and will often ask for tip-offs on good locations and deals. “They are open-minded and some will consider anywhere in London as long as the space offers good value for money,” says Jim.
As competition for quality office space hots up, officebroker.com says that more companies should begin looking outside their comfort zones and consider alternative locations if they want to get the best value for money.
“London Bridge and Waterloo have some fantastic office deals for up and coming businesses,” says Jim. “We have also seen some great deals in areas such as St John’s Wood, Bayswater and Islington lately. These are all superb locations with plenty to offer in terms of transport links and amenities, as well as having good quality office space. Companies which maintain their blinkered approach could be missing out on some real opportunities.”
officebroker.com has found that the less-established a company or the sector in which it operates is, the more likely its Directors are to scour the capital for the very best deal.
“This new breed of entrepreneurs knows that, while perception is important, their company will ultimately be judged on its products and services and not on the address printed at the top of its headed paper.”
Caroline Barnes or Anssah Hussain
Powell Communication Consultants
T: 0161 8285400
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