Many will say that this is not an issue given the drive towards flexible working and the freedom that technology has given us to work from anywhere.
However I still believe that successful businesses are built around not only external relationships but the internal ones as well.
Being able to work together, share ideas, dreams, vision and the occasional sandwich are how our most successful businesses have been built. If the startups of the future are being priced out of areas such as London this could see the end of entrepreneurship in the Capital.
Are we going to see our entrepreneurs of the future setting up outside of London and driving growth in new areas.
Time will tell if it becomes a bonus and benefit to the rest of the UK or if it is the beginning of the end for the office based startup!
"Think of all the firms that were started in garages, then think how few London properties can afford space for garages. Think also how prices must be higher to sustain the higher rents, and how wages must be higher to attract workers to undergo expensive and unpleasant commutes, or sky-high rents and mortgages.” Sara Turnbull – Co-Chair of the Open Workspace Providers Group and the CEO of Bootstrap Company – points out: “the most recent Royal Institute of Chartered Surveyors UK Commercial Property Market Survey found that 81 per cent of contributors found commercial real estate in London to be overpriced” “figures by Savills show serviced office providers at the top end of the West End market are achieving rental values of around £132.50 per square foot, pushing space out of the reach of new and growing companies in London”.