_Leeds' co-working scene ramps up with flexible office provider Spaces leasing 7 Park Row
There is no doubt that flexible working is an idea whose time has come. That is why this instruction from Spaces is so significant for Leeds. Spaces already has office space in London, Manchester and Bristol – now it’s Leedss turn.
7 Park Row is an iconic building, formerly the Leeds headquarters of Lloyds Bank, in the heart of Leeds’s professional quarter. Totalling 40,700 sq ft, it is owned by CBRE Global Investors, who are leasing 25,000 sq ft to Spaces.
The concept of an office space is forever evolving. What formerly passed for adequate - a desk, a chair and a computer – simply doesn’t cut it anymore. As the way we work changes, the workspace’s identity has to change in tandem to keep up with the forever-growing digital professional landscape
Employees increasingly demand higher-quality services and amenities and value more community space. New generations entering the workforce have different expectations of the office environment, particularly the under 35s, challenging the way in which we all work.
Ironically with the apparent freedom for many to work wherever one wants, afforded by mobile and tech, we are seeing an increasing need for high-quality workspace where people can work together, to collaborate and innovate.
Above: The uber-trendy 7 Park Row
Co-working is a concept that has really taken hold of our current way of working and turned it on its head. Instead of a business having its own office space, co-working advocates for a shared working environment, where many businesses of different industry and size can work communally
Co-working offers an incredible amount of flexibility to the occupier and provides support in scaling up or scaling down rapidly.
In addition, the customer service within co-working spaces is typically of a different class to that found in most conventional products. This is seeing the emergence of space-as-a-service models, whereby real estate is moving from being a fixed, physical product to a flexible service that supports the occupier.
Co-working’s benefits are far-reaching. The system is meant to improve productivity by allowing flexible working from different areas and meeting rooms throughout the space, tackling loneliness in the workplace thanks to its great sense of community and provide new business opportunities due to the close congregation of working professionals.
However, as stated, from a business standpoint for the occupier, co-working’s promise of flexibility is one of the biggest attractions.
Spaces was founded in 2008 and now has 207 offices across 45 countries. Serviced office supplier Regus, which already has a strong presence in Leeds, notably in the Pinnacle building, bought the company in 2015.
Spaces co-founder Martijn Roordink explained: “There wasn’t a building or a destination or a place to work that we thought was catering for all the needs of SME workers. If you are smaller, it’s about creating a shared environment.
“We are now in UK cities apart from London because people are moving to them thinking they will have a better way of life in those environments. People are willing to move to smaller cities for that. It is a very interesting time.”
Eamon Fox is a Partner, Head of Offices & Development in Yorkshire. Eamon was voted Deal Maker of the Year in 2016 and 2019 at the CoStar Awards, and has a comprehensive and successful history of providing Marketing Strategy, Development, Letting and Acquisition advice to Landlord, Investor and Occupier clients throughout the Yorkshire & Humberside region
Read Knight Frank’s (Y)our Space report to find out more about co-working.