Brexit is having an impact on the flexible office space market, but the picture is perhaps not as gloomy as IWG (formerly Regus) CEO Mark Dixon recently painted, after his firm issued a profit warning. Although the uptake of spaces smaller than 5,000 sq ft has fallen by 50%, vacancy rates also slipped slightly in Q3, and take-up figures are robust, according to BNP Paribas. Plus, in the past year, Deutsche Bank, signed a pre-let of at least 469,000 sq ft on a 25-year lease, while WeWork has snapped up more than one million sq ft in August.
Brexit is having an impact on the flexible office space market, but the picture is perhaps not as gloomy as IWG (formerly Regus) CEO Mark Dixon recently painted, after his firm issued a profit warning. Although the uptake of spaces smaller than 5,000 sq ft has fallen by 50%, vacancy rates also slipped slightly in Q3, and take-up figures are robust, according to BNP Paribas. Plus, in August, Deutsche Bank, signed a pre-let of at least 469,000 sq ft on a 25-year lease, while WeWork has snapped up more than one million sq ft in the past year.