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 conveniently 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, said: “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 benefitting from our market expertise.”
Also reflecting the growing demand for flexible workspace in city centre locations, in November 2022, Spacemade announced it had signed a management agreement with the prestigious Howard de Walden Estate to open the first flexible workspace in the landlord’s 300-year history.
Spacemade is the fastest growing platform of individually designed and branded spaces in the UK and has seen an average occupancy rate of 92% across its portfolio, generating 28% above Estimated Rental Value (ERV). So far in 2022, it has completed deals for spaces in Marylebone, Putney, Hackney Wick and Archway and successfully launched new locations in Wimbledon and Cricklewood.
Outside of London, Spacemade has partnered with CBRE IM to deliver 27,000 sq ft of flexible workspace at 10 Brindleyplace – Birmingham’s largest office refurbishment, adding to its growing portfolio of city centre spaces.
