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Flexible office provider Figflex to invest £2M to accelerate post-covid growth

Leading provider of flexible and co-working office space, FigFlex Offices, has unveiled a new look and feel to coincide with its plans to accelerate growth with a planned £2m investment over the next two years

The company is planning to grow its portfolio of locations by 75% over the next two years, taking the total number of sites to 14.

The growth of the business is already in progress with significant investment and expansion plans of two existing sites Southampton and Peterborough.

In addition a new location will open in summer 2023 at The Woods in Warwick, the recently refurbished former IBM campus.

The serviced office provider has undergone a rebranding exercise as part of the repositioning strategy, revealing a new look which seeks to promote its unique proposition as a landlord-operated flexible office provider.

FigFlex is the dedicated service office provider for property giant, FI Real Estate Management (FIREM). It currently boasts almost 2000 desk spaces across eight prime locations nationwide. The newest site, FigFlex London at 18 King William Street launched in March and is already 75% let.

Hosting a mix of businesses from established SMEs to multinationals, FigFlex provides a range of bespoke workplace solutions designed to satisfy all working models.

According to Mintel, the number of serviced offices in the UK is forecast to reach 6,218 in 2027, representing cumulative growth of 52% compared to 2022.

Charlie Cudworth, Managing Director of FigFlex Offices, commented: “In 2023 we’re facing the perfect storm combining the aftermath of the pandemic with a workforce demanding a more intuitive and accommodating employee experience. This is prompting decision makers UK-wide to take stock of their estates, with many realising traditional offices with onerous lease agreements are no longer fit for purpose.

“This no longer just applies to start-ups and SMEs looking for low commitment contracts. Corporate eyes have been opened to the benefits of ‘right size’ office space and nationals and multinationals are adopting an enterprise model and opting for high-quality space on flexible terms.

“We are seeing demand for FigFlex desks from a much wider range of businesses. Our flexible collaborative approach has resulted in the average length of agreements also increasing to over 18 months across the portfolio.

“Our new look supports this market shift, increasing our appeal to larger companies, while also underpinning our plans for growth over the next two years. As one of the few landlord-operated providers in the market, we can truly be a business’ workspace partner for life.”

Tim Knowles, Managing Director of FI Real Estate Management, added: “Our FigFlex evolution is a strategic move to lean into the way businesses want to manage their estates in 2023. Estate managers and company owners rightly want to take advantage of the versatility on offer and our property portfolio provides them with the prime central locations to do that. Our job now is to collaborate with FigFlex to ensure they have the sites and desk space required to support this growing market.”

FigFlex Offices launched in 2020 to reinvigorate the serviced office sector in the UK, through vastly improved levels of customer service, flexibility and business support and high quality office, coworking and hot desking facilities. FigFlex currently operates sites in Southampton, Coventry, Gloucester, Hull, Swindon, Watford, London and Peterborough.

Read more:
Flexible office provider Figflex to invest £2M to accelerate post-covid growth

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