307 Euston Road, London NW1
Flexible workspace specialist GKRE has advised IWG’s flexible workspace brand Spaces on its signing of a new lease on a newly refurbished building in central London, which comprises some 16,000 sq ft of office space, expanding Spaces’ growing portfolio in the Capital to nine properties.
Located at 307 Euston Road NW1, near the growing business district around Euston Square, the acquisition consolidates Spaces’ position as one of the leading providers of flexible workspace in London’s fast-growing and increasingly dynamic market.
The building is a five storey property, and GKRE negotiated on behalf of Spaces with commercial property and investment management services firm JLL.
The property is the twenty-sixth in Spaces growing national portfolio, which hosts a variety of businesses across sectors, including such well-known brands as GoPro and Uber.
The deal is further evidence of the robust growth of the flexible workspace market. London alone saw 5.1 million sq ft leased as flexible workspace in the third quarter of 2018, accounting for over 20% of commercial space leased to office providers in the capital. Central London continues to dominate as the leading city globally, ahead of New York, in the flexible workspace sector.
Headed by Will Kinnear and Douglas Green, GKRE has 30 years of experience in the flexible workspace sector advising on over 450,000 sq ft of deals since the company was established in 2013.
Will Kinnear, Director of GKRE, commented: “We are delighted to have supported Spaces in acquiring this latest lease to add to what is an already impressive portfolio and will cement its position as one of the leading providers of flexible workspace in London. This transaction is yet another example of the increasingly central role flexible workspace is taking in the commercial property market as the sector continues to expand. We expect this to continue in 2019, with more prime locations being let to flexible workspace operators throughout London and the rest of the UK.”