Serviced offices are the real success story in the office sector with a huge take up of office space by Wework and others over the last 2 years. Wework alone has taken 2.6 million square feet since 2012 in the UK. Regus is responding and investing in the regions heavily and The Office Group has grown rapidly in London. How do/ should landlords view them ? Would a landlord let most or all if its new office block to a serviced office co or cap it at a few floors? How do valuers adapt to the model? What assumptions do they make ? Is the model sustainable or is it nearing saturation point? I would be interested in answers to these issues and views from landlords and valuers........
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WeWork and serviced offices
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WeWork, the co-working group backed by Japan’s SoftBank and its Saudi-backed technology fund, has become the largest occupier of new corporate office space in central London in recent years. Valued at more than $20bn following its last fundraising in August, the US start-up has rented more space in the centre of the UK capital since 2012 than any other company, leasing 2.6m sq ft of space, according to estate agency group Cushman & Wakefield. But as it expands and popularises the concept of shared office space, other businesses – including landlords – are also gaining traction.
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