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London-based property giant Workspace Group has announced that it plans to tap investors for nearly £190 million in order to keep up with huge demand in the capital for flexible office space. The average lease length offered by the firm is two years – vastly different to the 10-25 year contracts usual with traditional leases. This flexible workspace provision has historically been popular with smaller companies and start-ups, but recently there has been a significant increase in the number of larger firms looking for space with shorter, more flexible commitments.
Workspace currently owns 66 properties in London, but is keen to acquire more in the near future in order to ensure it can fulfil the consistently increasing demand, and will use the money to finance seven recent acquisitions in Camden as well as future capital spending.
Jamie Hopkings, chief executive of Workspace, says of the plans: “In terms of demand, it is coming from across the board and nothing has changed because of Brexit in that regard…The only difference we are starting to see is some more larger companies coming to talk to us.”
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.