Flexible Office Space ‘Growth Market’ For Leeds

Burflex House, Clay Street, Hull, East Yorkshire, HU8 8HA E. info@burflex.co.uk

Burflex House, Clay Street, Hull, East Yorkshire, HU8 8HA E. info@burflex.co.uk

Flexible Office Space ‘Growth Market’ For Leeds

Flexible Office Space ‘Growth Market’ For Leeds

The amount of flexible office space available in Leeds is expected to nearly double in the next five years, a new report has suggested. However, it has more applications than just providing co-working spaces.

At present, flexible office space accounts for 3.8 per cent of all the office stock in the city, but this is expected to increase to 6.7 per cent by 2023 the Yorkshire Post reported.

The news provider got these figures from the ‘Disruption or distraction, where next for the UK flex market sector’ report from JLL. Among the reasons given for the rise in flexible working space is new operators coming onto the market.

This has resulted in increased competition, while greater demand for this kind of work space has also played a part.

Jeff Pearey, director at JLL’s Leeds office, commented: “Leeds has witnessed strong recent flex space activity and the sector has grown noticeably with over 140,000 sq ft transacted over the last two years. We see this set to continue.”

The newspaper noted that this trend also means that landlords and developers are changing the way in which they approach things and are introducing their own concepts to appeal to those in the market for this kind of space.

Among the trends noted are landlords making sure a space is ready to be occupied at the beginning of the lease, by providing office furniture, meeting rooms and data cabling, and ensuring that there are additional facilities such as showers, bike storage and cafes in their buildings.

This means businesses don’t need to lease an empty space and then set it up by themselves.

Developer CEG was cited as an example of a company that’s embraced the concept, with its Forge Studios singled out. They offer a wide range of amenities to occupiers, the news provider noted.

Mr Pearey added: “It’s clear flexible office space is here to stay – and we will see more of both serviced offices and shared co-working spaces as Leeds continues to build its strength in dynamic tech and digital workforce.”

Earlier this month, Premier Construction shared figures from Savoy Stuart, which revealed that Leeds was one of the country’s regional markets to see the biggest investment in office space in 2018.

Investment in these kinds of properties climbed to £362 million last year, up an impressive 185 per cent on the amount invested in 2017.

With such high demand for office space in Leeds, there could be more construction projects in the coming months to convert existing buildings or construct new ones that can accommodate businesses in all sectors.

This was supported by figures released back in February, with Consultancy.co.uk noting that Leeds saw the amount of office space being constructed in the city increased by around 30,000 sq ft in the last year.

In the 2019 survey, the amount of office space under construction in the city stood at 804,257 sq ft, compared to 771,331 sq ft recorded in 2018, the news provider revealed.

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