Knight Frank- acts on largest flexible workspace deal in the UK to date

Posted by Knight Frank Newcastle on 5th July 2019 -

Knight Frank client Worthington Properties agreed the largest flexible workspace deal in the UK to date in Manchester city centre.

Spaces is to take the entire 120,000sq ft of accommodation at 125 Deansgate a new landmark building due to complete in 2020.

Adjacent to Spinningfields and opposite the iconic John Rylands Library, the flexible workspace has been created for corporate shakers, burgeoning businesses, freelancers and entrepreneurs. 

Russell Worthington, Director at Worthington Properties said: “Manchester continues to prove itself as a world class business destination, our aim for 125 Deansgate has always been to create a building which would deliver iconic modern office space and we’re delighted that this deal with Spaces will mean they will bring the building to life when they open next year. 

David Porter, Partner at Knight Frank said: ‘This deal is a testament to the ambition shown by Worthington Properties, delivering such high-quality accommodation in this prime location within Manchester. The flexible / co-working market is rapidly expanding in the city and we have no doubt 125 Deansgate will become a great success for the Spaces team.”

Richard Morris, UK CEO of Spaces, says: “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.”