Despite the economic downturn, London has become an attractive destination for businesses looking to relocate. In fact, the current financial situation has turned what was once a prohibitively expensive location into an affordable one, as rents in London have dropped dramatically since the beginning of 2008.

In the City of London rental rates have fallen by approximately 26%, making the heart of the capital affordable for both start-ups and corporate clients. It is now very much a buyer's market and employing the services of a commercial property agent can help your business to get the best deal at this time.

Locating your business in London does have its pros and cons, so if you are thinking about searching for office space in London, there are a few things to consider before making a final decision. Firstly, consider how long it will take to actually find suitable London offices. Commercial estate agents estimate that the average time to find a suitable property can take a minimum of seven to eight weeks.

The first couple of weeks are taken up with inspecting prospective locations and looking at potential properties. However, it may take much longer to find a location if you have specific business needs such as extensive storage facilities or high-tech requirements. It will then take at least one week to agree terms and then another four to six weeks for the solicitors to complete the lease for you. However daunting this may seem at first, consider that once you have your property, your business is then located in the heart of one of the most important cities in the world. So a little time taken at the beginning of the search will be rewarded many times over later on.

One of the biggest problems for businesses in London is the issue of car parking. Car parking facilities (especially off-road facilities) are rare in London. If you insist on having a car park, then your choices will be limited, and practically non-existent in the centre of the capital. Car parking is expensive – between £3,000-£5,000 per annum (plus rates) and if your business is in the centre of London then you will also have to add congestion charges to your fleet costs. The advantage is that London is exceptionally well served with public transport systems, meaning that a car is almost redundant in the centre of the city. If a fleet is an integral part of your business, your best option may be to look for a location further outside the centre of the city. The East End of London is establishing itself as a thriving business centre, and here car parking is much more available.

The next question is – should you rent or buy? Most companies rent their office space, as freehold property is difficult to find and still very expensive. Freeholds are a major capital investment, and current property prices (despite the recession) are still prohibitively high for most businesses. However, the reduction in rents has meant that high quality rental property (much of it serviced) is readily available and as prices drop further, freehold property may become more of a viable option as well.

2009 offers the perfect opportunity to relocate into the heart of what is still very much a thriving and influential city. Office space in London is no longer at the premium it once was, and as the country fights tooth and nail against the influence of a global downturn it is more likely that giving your business a London address will become easier and cheaper. An improving transport system, availability of both rental and freehold properties and development of outlying areas of the city mean that 2009 is the ideal time to move into town.