With the economic uncertainties surrounding Brexit, it is imperative that London retains its positionas a leading location for new business. While some companies will no doubt look to base themselves in the EU, London must do all it can to retain and incubate ambitious start-ups.

To achieve this, the capital needs to become competitive like never before. No longer can we just rely on the 'allure' of London. A number of steps must be taken in order to ensure continued success.

Affordable Workspace

In recent years, business rents have started to become prohibitively expensive - look for Grade A office space in Central London and you are going to be paying a princely sum. Luckily, asking prices have started to reduce, and sensible commercial agents are now offering smaller, more affordable solutions, just minutes from the city centre. To fully support the start-up scene, estate agents need to become more flexible and ensure that the new business eco-system has the support it needs to flourish.

Flexible Leases

Being tied in to a long-term lease can be a daunting prospect for a fledgling business, many of whom find it very difficult to make accurate budgets and cash-flow forecasts. Flexible leases remove these worries and mean that a start-up can focus its attention on the most important thing -driving and retaining new business! Another benefit to a flexible lease is that there are often nopenalty clauses. If larger premises are needed, the short-term contract can be allowed to expire, with no hefty fees payable.

Incentives

How the Government encourages businesses to bloom is equally important. A combination of high rents and high business rates can be a double whammy to new companies. In reality, which start-ups could afford to reside in such a financially restrictive environment? Recent reports suggest that planned business rate relief is now being postponed, putting the very existence of some companies in doubt.

If the Government is truly serious about ring-fencing London's economy, then this and other schemes need to be rolled out quicker.

Mentoring & Guidance

Due to its past ability to attract major corporations, London has long been a centre of quality mentoring and has an influential businesses culture. In many ways, it is this thriving ambience that makes people want to be based here. Simply by visiting Google Campus or creative districts such Shoreditch and the South Bank can young people be inspired to launch their own projects. While there are currently a number of schemes to ensure start-ups get the support they need, they should be maintained and expanded on if possible. It is up to existing business figures and local councils to safeguard our enviable talent base.

If London is to be successful in the post-Brexit era, then we all have a part to play in creating a start-up friendly environment. At Pall Mall, our affordable, flexible lease properties are designed to get your business trading fast.

— Pall Mall Estates have a wide range of low cost commercial properties across the UK.

Take a look at our available spaces here or get in touch with our experienced team here.

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