In our last blog, we discussed how there are still pockets of value to be found within the office markets. This time, we look at a company that’s benefitting from the trend towards flexible working and in our view could represent a compelling investment opportunity: Workspace.
Workspace is a listed UK real estate company that provides highly flexible office solutions. The offices in its portfolio are available on quite short leases of a few months up to a few years. It’s almost like a gym membership: you go to an office space and check in or out whenever you need, although you do need to make a reservation. Or you can take out a contract and you’re entitled to the number of desks you need. The key thing is flexibility.
All this is very different to a typical office lease in a place like the City of London, which ties you in for 10–15 years.
Workspace started off appealing to small companies, particularly in the creative industries. But over the past couple of years it’s also been gaining medium- and large-sized clients. Bigger companies realised there was lots of creativity going on in Workspace’s offices and wanted a slice of the action. These spaces can also be an attractive option for large companies who have project teams that need to work separately from the rest of their organisation.
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