Spaces set for 2020 opening in 125 Deansgate

Regus brand Spaces is set to take the entirety of Worthington Group’s 125 Deansgate, currently under construction in Manchester city centre, opening its co-working offices in early 2020.

As tipped by Place North West in April, Spaces will lease the whole 116,000 sq ft office; previously, market rumours had suggested that the company was only looking to take half the building.

Last year, fellow co-working operator WeWork was tipped to take 45,000 sq ft, but negotiations stalled during the Christmas period.

The Deansgate location represents an expansion for Spaces; the new office will be in addition to its other Manchester facility, Peter House.

Spaces was founded in the Netherlands, and was acquired by Regus in 2015 as part of the serviced office operator’s bid to compete with the rapid rise of WeWork.

Regus is owned by IWG, which in the financial year to June 2018 recorded a turnover of £1.2bn.

Richard Morris, UK chief executive of Spaces, said: “Demand for flexible office space is growing rapidly – research shows that 53% of professionals globally now work remotely for at least half their working week and 30% of corporate real estate portfolios could be flexible workspace by 2030. This is something we are especially seeing in Manchester, with estimates highlighting that flexible office space in the city is expected to double in the next four years.

“People now recognise that they can be far more productive and successful in a dynamic working environment, while businesses are waking up to the financial and strategic benefits. Spaces is helping to supply this demand and drive a workspace revolution in Britain.

“We’re thrilled to be opening our second Spaces location in Manchester, the largest centre to date in the UK, highlighting the growing demand from those in the city and beyond for flexible working.”

Knight Frank, Savills and Cheetham & Mortimer acted for Worthingtons and CBRE advised Spaces.

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