Flexible workspace operator signs 12th new location amid “booming demand”

Spacemade has signed its 12th new location after agreeing its latest management agreement with Wittington Investments to operate a new 20,000 sq ft flexible workspace in London’s Clerkenwell.

The deal reflects “booming demand” for flexible workspace in city centres. Spacemade has sold out of all private offices in its current city centre locations.

Spacemade, the “first-of-its-kind” operational partner for landlords looking to provide a bespoke flexible workspace directly to their customers, will also be expanding its existing city centre workspace, The Clement Rooms on London’s The Strand, due to these strong levels of demand.

The new space in Clerkenwell marks the second partnership between Spacemade and Wittington, demonstrating the latter’s “trust” in the Spacemade business model. It follows their successful first cooperation on a flexible workspace in Wimbledon, which is close to full occupancy after opening in May 2022.

Wittington acquired the new site, located at 23 Goswell Road in Clerkenwell, from Boultbee Brooks Real Estate in August 2022. A planning application will be submitted to repurpose the building, which was historically occupied by a well-known dance school.

It will be turned into an “aspirational, high-quality” flexible workplace with capacity for up to 340 members. The building is located between Barbican and Farringdon with easy access to the Tube, rail network and the Elizabeth Line, and only minutes away from the City of London.

Jonny Rosenblatt, co-founder at Spacemade, commented: “We are seeing a significant surge in demand for flex space in city centres and are already pre-letting our city centre spaces that we have announced but not yet opened.

“Occupiers are increasingly demanding high-quality workspaces in convenient locations, and it’s clear that more and more companies are seeking out more flexible options. The current economic uncertainty is only going to accelerate this trend.

“Our first flexible workspace with Wittington in Wimbledon has performed incredibly well and we are looking forward to working with the team again, allowing it to maintain control of the Clerkenwell building while benefiting from our market expertise.”

Spacemade claims to be the “fastest growing platform of individually designed and branded spaces in the UK” and has seen an average occupancy rate of 92 per cent across its portfolio, generating 28 per cent above Estimated Rental Value (ERV).

By Matthew Neville – Correspondent, Bdaily

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