Who we are
Workspace is a FTSE 250 Real Estate Investment Trust which owns and manages approximately four million sq. ft. of business space in London across 59 properties.
What we do
We provide a home to thousands of exciting companies and are geared towards helping businesses perform at their very best.
Our unique customer offer is open to all businesses at any stage of their life cycle. We provide inspiring, flexible work spaces with superfast technology in dynamic London locations.
The way businesses work is changing. That’s why we continually invest in providing the technology infrastructure that enables our customers to think and move fast and, alongside their working environment, is tailored to each individual business.
Our typical customers offer includes:
- 2-year lease
- 6-month break clause
- Unfurnished space that customers can fit out and personalise
- Bespoke technology offer tailored to each individual business
- Vibrant community of like-minded businesses
- Regular business insight and networking events
- On-site café or restaurant
- Co-working and break-out spaces
How we do it
We have a unique customer offer and a high-quality property portfolio:
Customers first – We provide unique, inspiring, flexible work spaces in dynamic London locations for all sizes of businesses at any stage of their life cycle.
The changing requirements of our customer base directly inform and refresh our portfolio strategy. Regular customer interaction with our in-house teams provides real-time market intelligence. We also collect information from businesses looking for space with an average of 1,087 enquiries received each month. This market feedback underpins a regular cycle of investment and refurbishment of our portfolio, which in turn drives capital uplift and income generation.
Over 1,450 businesses either joined Workspace as new customers or changed their space requirements in some way this year. Each customer change provides us the opportunity to reassess rent levels, occupancy, configuration of our properties, and customer demand in new areas of urban regeneration.
We regularly reconfigure our properties to adapt to our customers’ changing requirements including a vibrant front of house experience, meeting rooms, breakout areas, gyms, cafes and wellbeing facilities
such as cycle storage and showers.
On top of this, our experienced centre managers create fantastic communities within the buildings, hosting customer events and promoting networking and knowledge sharing opportunities to support business growth.
Unique properties – Our high-quality property portfolio is wholly London-based. We believe the city is one of the most resilient global commercial centres, with a deep and liquid property market.
The highly educated and mobile workforce creates steady demand for flexible office space, and the structural shift towards shorter, flexible leases continues to support our long-term growth.
We own all our properties, most of which are freehold and held for long-term income generation, which gives us the flexibility to adapt our portfolio to customer requirements.
Our properties include four stages of development:
- Like-for-like which are our mature, fully let properties. These provide stable cash flows and rent reversion potential with average occupancy levels of around 90%.
- Refurbishment properties are those to which we add value through adding floors, upgrading premises and expanding into adjacent areas such as car parks.
- Redevelopment properties are those where we see opportunities to add value through conversion to alternative or mixed residential and commercial use.
- Acquisitions and disposals are an integral part of our property strategy. We regularly recycle capital from properties no longer suited to our strategy into new properties.
How we’re growing and adding value
Workspace is enhancing both core operational income and capital values by repositioning its property assets as home to London's businesses. There are three pillars to our growth plans:
- Driving rental income across the core like-for-like portfolio through active asset management
- Refurbishing and redeveloping our existing properties to upgrade and add new space
- Further expanding our footprint by opportunistically acquiring new properties where we see value
Workspace understands work space