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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.
Award-winning architectural practice EPR was behind the designs of the new building, whilst contractor Willmott Dixon undertook the construction. CBRE and GVA are the appointed leasing agents.
Although serviced office and co-working providers, lead by WeWork, have electrified the office market in both London and Manchester, the impact on Birmingham is modest but growing quickly.
This month, Spaces signed up for the entire 76K SF building at AG Dunedin's Crossway, Great Charles Street, Birmingham.
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.
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