Landsec has launched a new flexible office space brand, Myo, offering leases ranging from 12 months to three years for businesses sized between 15 and 80 people. The new brand was released on Tuesday 22nd February 2019, reacting to the demand from their customers.
“Myo offers fantastic opportunities for all our customers, whether that’s new customers looking for flexible office space or existing Landsec customers who want to enjoy the benefits of our new offering. We’re looking forward to all these new interactions when we open the doors in April. We’re changing the way our customers work and learning lessons along the way to offer them the best possible experience and help them to make their mark.” Oli Knight, Head of Myo
In January last year, it was reported that WeWork – the flexible office space provider – became the largest corporate office occupier in central London. Since then, the business has continued to acquire space and grow further. At the end of last year, the BBC reported that flexible workspace operators have taken up one-sixth of all new commercial property in London, and last year, their footprint outside the capital tripled with Manchester and Birmingham seeing the fastest growth. The shift in interest towards flexible office space has been significant and is predicted to continue to grow by up to 30% per year until 2023.
With demand only growing, it is not surprising UK landlords, like Landsec, are looking to expand their offering to include short-term leases. British Land launched Storey in 2017, jumping on the opportunity businesses such as WeWork and IWG are maximising. British Land now operates 130,000 sq ft under its Storey brand and will no longer let space to third-party flexible office operators.
Flexible office space was once seen as a solution for small and growing businesses, but they are increasingly being used by large and multi-national organisations as they grow their footprint. It is exciting to see Landlords expand and diversify their offerings to incorporate flexible workspace as a permanent and growing service – looking forward to watching the market develop further this year.