rethinking the lease, collaboratively

Instant is delivering a unique workspace solution by collaborating with landlords to deliver service led, flexible workspace within their portfolios – while providing increased customer choice to satisfy the growing demand for 20+ workstation, 12+ month requirements.

Context

According to Instant data, occupier demand for 20+ desk / 2,500+ sq. ft. space has increased by 62% over the past five years in London – with enquiries from corporates doubling in this area.


Recognising both the demand for flexible, managed space and the large number of unoccupied conventional office locations in London, Instant - working with building owner Dorrington - have devised a new flexible solution for Dorrington’s occupiers.

Goal

To work in collaboration with Dorrington, offering one of its unoccupied London spaces to customers as a fully-managed office on flexible terms from two years upwards, with the ability to occupy the space from as little as six weeks

Challenges

For Dorrington, and other landlords, barriers to providing flex solutions include:

  • Lack of experience in the flexible workspace market
  • Limited flex space lead generation – internally or via agents
  • Wedded to traditional model of workplace occupancy  
  • No operational platform to deliver customer fit-out and FM services at speed

 

For customers:

  • Limited choice of solutions that offer rapid access to an individually-branded, private space on flexible terms
  • Lack of supply of this type of space for 20+ desk requirements  
Fairfax House Fairfax House
Solution
  • Instant listed Dorrington’s space (Fairfax House, London WC1V) on its global listings platform instantoffices.com, which generates 2,000+ London enquiries per month
  • Instant pre-agreed a simple short form ‘Co-lease’ and services agreement with Dorrington which would enable the client to occupy the space at speed
  • When Sphere Knowledge decided the space was right for its business, Instant delivered the fit-out, furniture, IT and FM solution for customer occupation within 4 weeks 
  • Dorrington contracts direct with Sphere Knowledge, while Instant handles the ongoing management of the space under the services agreement with Dorrington
Transformation
  • Increase speed to market: The site was only on the market for less than 2 months from listing to occupancy, with the short-form lease signed in just 90 minutes.
  • Differentiated lease offering: Enabled Dorrington to differentiate its offering from traditional leased space and meet the growing demand for 20+ desk flexible workspace solutions
  • Enable growth and change:  The solution will now be rolled out across Dorrington’s portfolio where Instant’s demand and supply data dictates
  • Enhance financial  performance: Dorrington generated a 20+% premium above the net effective rent
  • Collaboration: A more collaborative relationship between Landlord & Customer 

see also...
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