Coworking firms’ portfolios expand in the UK

By February 23, 2020 News
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Coworking spaces are on the up in the UK, despite the high-profile downfall of some major players in the industry.

 

Coworking spaces portfolios increase

New statistics show that flexible working spaces in the UK grew by approximately 22% in 2019. This has come as a surprise to many, given the staggering amount of competition in the coworking industry that has been increasing considerably in the last five years.

 

Which coworking company portfolios have expanded?

Despite the well-publicised turbulent year that WeWork has experienced in the last twelve months, its business portfolio has in fact expanded.

The US company has seen its footprint in the UK increase by 30% in 2019, even though the press has been less than complimentary of late regarding its founder.

 

What happened to WeWork?

In 2019, the huge co-working space firm saw its former CEO and founder Adam Neumann removed from the company. The company had expanded at an exponential rate, receiving billions of dollars in investment, but it soon became clear in 2019 that the shared office space firm was in a considerable amount of debt, and its IPO had failed in its entirety.

 

Regus also opens more shared offices

Not only has WeWork seen an increase in footprint, but the same goes for IWG’s brand Regus. The cowork space has opened its largest London office space in the UK yet.

The new location in London sees Regus acquire almost 80,000 sq ft of space in the heart of the city, in close proximity to Victoria station.

 

Coworking spaces changing the commercial market

The boom of the coworking offices sector has changed what people expect from offices considerably, as well as what an office should have and the services it should include. It is expected that the demand for offices in East London, as well as other popular locations for shared office space, is set to continue.

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