Spaces secures significant 40,000 sq ft pre-let Islington

IWG’s flexible workspace brand Spaces has signed an 11-year lease on 40,000 sq ft of grade A space in The Painter Building on 70 White Lion Street.

The Islington scheme is currently being developed by LBS Properties and is due to be completed in 2019.

This marks the 12^th London site for Spaces, and by the time the development opens the company will have 300,000 sq ft in total lettings across the city, as well as space in more than 25 countries worldwide.

Indeed, with more than 7.8 million sq ft of space in London last year taken-up by flexible working schemes, this new deal further showcases the continued market demand for flexible workspaces.

UK Chief Executive of Spaces, Richard Morris, agrees: “Demand for flexible office space is growing rapidly – research shows that 53% of professionals globally now work remotely for at least half their working week and 30% of corporate real estate portfolios could be flexible workspace by 2030.”

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.