Hi Adi,
I think there's a couple of things to consider!
Whether you need to take on this overhead at all: you'll need to cover at least £1000 per month for a space that allows work you can't do in a small home studio. Of course, if it's for purely artistic work - then the cost is the cost and only you can know whether it's worth the results you'll then get. There are plenty of established studios you can rent for £100 per day and up though, so the economics come down to how often you need to use the space each month. It's the classic rent vs buy - ie pay-per-use, or a fixed overhead, which may work out cheaper as long as there is a constant stream of work to pay for it. For many businesses, large and small, this calculation plays out for just about any resource you care to mention as a mixture of fixed assets sized for just a bit more than the average demand, and for the excess, they rent. (Eg for compute capacity, many large corporations have their own data centres for the core hosting work, and rent from suppliers like AWS, and Azure where the application experiences a less predictable demand). For people, they may have permanent staff, plus contract staff, and then for the ultra chaotic unpredictable work, managed service personnel. For studio space, you may find it best to have your own permanent space for the mainstream work, and rent bigger places for the odd outlandish job (say photographing a car, or a plane, or something involving big fireballs etc)
The second thing to consider is the type of space and I think this is really determined by the most common type of work you do.
For me, no one type of job meets the bar to justify as a fixed overhead. I have a small studio on the top of the house, but rarely use it, due to the size. I can rent a suitable place that works for 80% of the pictures I shoot, for £100 per day. (although tbf, I do bring all of the equipment - never trust the kit in a rental studio if it matters to the success of the shoot!) For workshops, I'll rent a larger space for £150-£200. I also rent locations for shoots and these are normally around the £150 to £200 per day mark. I could do that 5 times a month, for the same cost as a small industrial unit. Another reason to go for a rental model is a variety of props. Say, for example, say I need classic leather Chesterfield sofa for a shoot: I find it's easier to just rent a studio that has one, rather than rent/buy a sofa and transport it to my own space.
Costs spiral with the size and this will be determined by your technical needs and volume of work. As another case study, consider Karl Taylor. Massive studio, with a staff of ~5, but Karl has the volume of work coming in and the facilities he has enables him to get that work done quickly and efficiently.
On the other hand, Joe McNally gave up his studio in downtown Manhattan, and just rents when he needs one. He kept all of the equipment though which is neatly maintained and stored in his garage. This is the model I've adopted - my studio is mostly used as an assembly area where I lay out the gear needed for a shoot somewhere else. (think of it like The Construct in The Matrix "We're gonna need lights. Lots of lights.."
I hope that helps - if you google for industrial units in your area you'll get an idea of the actual costs (and don't forget to factor in rates and utilities)