• c20% of UK office portfolio to convert to premium, hospitality-led flexible or fitted space.
• Newly opened locations leasing ahead of expectations.

Grosvenor is building a 300,000 sq. ft. flexible and fitted workspace portfolio by transforming c20% of its existing office properties across London and other major cities.

Meeting a rise in occupier demand for premium flexible and fitted offices backed by a distinctive service, Grosvenor has opened 18 new locations in the last year, taking its total portfolio to c135,000 sq. ft. across 20 sites, with each leasing ahead of expectations.

In London, Grosvenor’s aim is to create exceptional flexible office spaces which are easy to occupy and ideal for modern hybrid working. Impressive design and generous layouts are complimented by staff, often from a hospitality background, providing occupiers and their customers with premium concierge and reception support. This is backed by simple membership offers which encompass rent, business rates and service charges, as well as secure WiFi, meeting room use, cleaning and maintenance services. 

Alongside the business’ established operation in Eccleston Yards, 25EP, Grosvenor’s new locations in the capital include 128 and 162 Buckingham Palace Road and Fivefields in Victoria as well as 50 Grosvenor Hill, 34 Brook Street and 35 Grosvenor Street in Mayfair each providing private offices hosting from 2-60 people, meeting rooms and hot desks. 

Eleven new fitted suites capable of hosting up to 50 people have also opened in Manchester, Birmingham and Bristol in the last 12 months.  

James Raynor, CEO, Grosvenor Property UK said: “The flight to quality is as true for flex as it is for traditional office space. We see a significant opportunity in bringing together the right teams, products and services to deliver a premium offer that provides occupiers with the choice and flexibility that they are looking for.

“Our experience at 25EP, and significant demand for our new locations, shows that we can successfully create an atmosphere and collaborative opportunity for businesses that can’t be replicated in a home working or conventional office setting.”

The market for flex alone has grown to 15% of the UK’s office market and demand continues to expand as businesses increasingly move towards shorter leases and service-led space. This contrasts sharply with the clear undersupply of provision in London’s Mayfair and Victoria sub-markets which have just 10% and 5% of office space allocated to this product (source: Savills).

Across the rest of 2024, Grosvenor expects to add eight further flexible locations in London and two fitted spaces in Manchester, increasing the portfolio by approximately 46,000 sq. ft.

James Raynor added: “Flex and our ongoing investment in new products and services that meet changing occupier needs is a core part of our growth strategy. We’re moving quickly and, by the end of this year, we expect to have delivered over half of the space dedicated to this plan.”

Find out more about the London locations at Flexible Workspaces by Grosvenor.

About Grosvenor

Grosvenor is an international organisation whose activities span urban property, food and agtech, rural estate management and support for philanthropic initiatives.

We are a values-led business which represents the Grosvenor family and share a common purpose - to deliver lasting commercial, social and environmental benefit - addressing today’s needs while taking responsibility for those of future generations.   

With a track record of over 340 years, we work to improve urban property and places in many of the world’s leading cities, promoting sustainability within the built environment and enhancing the wellbeing of customers and communities. 

Our UK property business supports c1,000 businesses and tens of thousands of residents and workers across London’s West End each day. We also invest in, create and manage sustainable neighbourhoods in Liverpool and across England. As a 1.5^oC aligned company, pioneering change and new ways of thinking about property we aim to ensure our places benefit both people and the planet over the long term.