Flexible Offices Are Changing Birmingham
IWG's Spaces is to take 32K SF at LGIM Real Assets' refurbished Lewis Building, Birmingham, as the workspace revolution begins to make a serious impact on the city's office market.
IWG has signed a 12-year lease for the ground, first and second floors of the Bull Street block, paying a rent of £26/SF. It will join the existing operator, the Ministry of Justice, which already occupies the third floor, leaving 62K unoccupied at the 113K SF building.
Demand from serviced office occupiers is said to top 150K SF and has been predicted as a major cause of rising office rents, expected to reach £35/SF by 2019.