Flex space UK Research | 31 Western Corridor Market overview


The Western Corridor has always been home to several flexible space operators, with the nature of the office environment in the area easily aligned to the flexible space model. IWG has been prominent since the ‘dot-com’ boom of the early 2000s and it remains the largest operator in the region via its Regus and Spaces brands.


However, the recent rapid evolution of the flexible office sector has resulted in new market entrants and a rise in space being leased by flexible space operators. These occupiers accounted for 15% of all take-up across the Western Corridor in 2018.


As one of the key business centres of the Western Corridor, Reading is a principal location for flex operators, with over 350,000 sq ft of space in the town. Reading has both a strong town centre and out of town flex space provision with established operators, and new entrants present such as Fora, who has recently opened in the town centre.


Flex take-up, 2014-18


100 150 200 250 300 350 400 450


50 0


2014 Source: JLL 2015 West London 2016 Thames Valley 2017 2018 Demographics Flex market


Population 3.5 million


Reading


population 452,500


Reading numbers


employed in technology


40,100


Key flex transactions 2017-2019 Operator


Address WeWork WeWork Regus Spaces


12 Hammersmith Grove, Hammersmith


184 Shepherds Bush Road, Hammersmith


The Bower, 4 Roundwood Ave, Uxbridge


The Foundry, 77 Fulham Palace Road, Hammersmith


Instant Offices Kennet Place, 121 Kings Road, Reading


Source: JLL 1Relates to office-based proxy sectors Reading self employed1 15,000


Flex office stock 2.1 million sq ft


Average flex operator size


24,000 sq ft Size, sq ft 52,023 45,997 45,824 42,000 40,000


Largest operators Operator


Regus


Spaces WeWork


The Office Group Orega


Source: JLL


Flex share of office stock


2.6%


Space occupied, sq ft No. of locations 1,056,066 257,544 98,020 95,369 87,746


40 10 2 1 4


Sq ſt thousands


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