UK REIT British Land has launched Storey, a flexible workspace brand, which will operate within the company's existing London assets.
It said that the brand would provide offices for companies employing between 20 and 70 people who have outgrown co-working space, or larger office customers seeking project or shorter term space on top of their core requirements.
'By understanding the needs of ambitious SMEs and project teams, providing the right space for them and removing the hassle of running an office, it allows them to focus on their own businesses,' commented Chris Gregg, British Land's chief executive.
'We have the benefit of owning the buildings in which Storey will operate, giving us much greater control of the service and experience customers receive, such as the quality of the technology and continuity of the Wi-Fi, one of the top frustrations identified in our research.'
Storey will operate within British Land’s current London assets, predominantly at its Broadgate, Paddington Central and Regent’s Place campuses, which have what the company called 'a critical mass of office customers'. It said that would enable Storey's users to access facilities traditionally reserved for larger organisations, as well as benefitting from a campus environment.
80,000 ft2 (7,430 m2) of flexible workspace is currently being fitted out, with an additional 80,000 ft2 of space earmarked for a further wave of Storey openings over the rest of the year.
The initial Storey locations will be at 18-20 Appold Studios and 2 Finsbury Avenue, both at Broadgate; and at International House, Ealing Broadway.
Growing market
According to advisor Cushman & Wakefield, the initial launch of Storey will not even place British Land's brand in the top ten of flexible office providers in the capital as of May 2017.
Regus Group dominates supply, with around 2,257,500 ft2 (210,000 m2) of space, more than double its nearest rival WeWork, with 1,381,000 ft 2 (128,000 m2).
Brands such as The Office Group, London Executive Offices, Club Workspace and Workspace Group all currently serve the market with more than 500,000 ft2 (46,500 m2) of space.
However, once Storey rolls out its additrional 80,000 ft2 of space, should other factors remain the same, it could edge into the London top ten, alongside providers such as the Business Environment Group Limited and Office Space in Town.
