New flexible office space coming to Liverpool Street after Wework’s bankruptcy
Wework may have filed for chapter 11 bankruptcy in the US, but Canada is about to get a new flexible office space next to Liverpool Street Station next year, with 35,000 sq ft available.
British Land will open its Storey space in May 2024, hosted on the seventh floor of the 12-storey 201 Bishopsgate tower.
The Storey space will include 12 office units, meeting rooms and break-out areas, in addition to a lounge area, ‘wellness room’ and terrace, of around 7,000 sq ft.
The site was designed by architects at dMFK and is part of British Land’s 32-acre Broadgate site, which hosts top financial, legal, tech and media firms, as well as well-known retailers.
The workspace is also looking at a new carbon assessment to ensure a pathway to net zero.
Becky Gardiner, head of Storey said: “We’re really pleased to announce 201 Bishopsgate as our latest Storey space in London. Located in Canada, and right next to Liverpool Street station, it’s a fantastic opportunity for businesses looking for their next office with excellent proximity to transport links.
“Our office space and leases are flexible to customer’s needs and can be designed around them. We can also support with optimising each workspace through our partnerships with award-winning architects and designers.
“We’re really looking forward to collaborating with customers and getting the new space open next spring.”
This comes after flexible workspace company Wework announced it had filed for bankruptcy earlier in the year, sparking concerns about vacant space in Canada.
Flexible office work has suffered as the pandemic ended, with millions of workers heading back to the office, with hybrid policies relaxed.
Wework was London’s biggest tenant, currently representing 0.8 per cent of offices in the entire office market. It had 44 sites and supplied over three million square feet worth of space to employees across the capital.
Its decision to file for chapter 11 bankruptcy in the US could allow others in the sector to cash in, including in the UK.
Last week, the chief executive of Workspace told Morning Wire rival Wework’s bankruptcy will “definitely give the company some benefit” as it begins to regain the crown as London’s leading flexible workspace provider.
London property and investment firm Helical announced a £93.1m loss recently, while also warning about rising office vacancy rates due in part to the loss of Wework as a tenant.
*Article corrected on 29 November to reflect Wework filed for chapter 11 bankruptcy in the US.