Is Workspace part of the new serviced office trend or a traditional property investor? I think its doing both well.
It offers the modern model of flexibility to clients from a traditional property investment model. It owns its assets unlike its competitors.....WeWork and IWG tend to lease....owning just a handful of their buildings.
It seems to be paying off for Workspace,... their shares are trading at a premium to net assets, a nice change in the current market. And while their leases are short term and flexible they seem to be doing well at holding onto customers with a 91 % occupancy rate.
And while some of their traditional prop co competitors are holding back from buying in the current market eg Derwent and Great Portland, ....Workspace is buying more offices and forging forward on the back of the serviced office wave ...most recently 71 million of offices in Camden.
Workspace Group is set to invest £19m into extending two of it central London sites after winning planning permission for development at Greville Street in Farringdon, EC1, and The Biscuit Factory in Bermondsey, SE16.