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As flexible workspace continues to be a hit with the global office market, it seems that traditional landlords are looking to get a piece of the action. British Land has recently launched its new flexible office offering, called Storey, which aims to focus on companies with 20-70 employees who have outgrown co-working space but need flexible lease terms for just a year or two.
As you would expect, this comes at a premium, and as a per month, per desk figure that includes rent, rates, service charge, cleaning, internet, receptionist services, furniture and maintenance. Buildings will also include all the modern facilities expected by companies these days, such as showers, bike racks and high-quality communal space.
Storey has just secured its first flexible letting to Kingfisher’s digital offshoot, at 2 Finsbury Avenue, which took up 25,000 sq ft on a two-year term.
British Land is now expanding operations, with 160,000 sq ft of space earmarked for Storey, which includes space at 18-20 Appold Studios, Finsbury Avenue, and International House, W5.
Eugene O’Sullivan, Surveyor and Director at Morgan Pryce, says; “we can see the value this type of flexible space brings to both tenants and landlords, and there have been talks at Morgan Pryce about entering the market on a smaller scale, in some core West End locations such as Soho”.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.