Workspace operator launches second office flex space in Birmingham
Flexible workspace provider Orega has signed a deal with abrdn to create a high spec flexible workspace at Ingenuity House in Solihull.
The new space will open in January 2024.
The 30,500 sq ft flexible workspace will be newly refurbished to provide around 550 workstations on the ground and first floors of the building.
In a separate deal, Orega has pre-sold 150 desks on the first floor to a major financial services business.
Ingenuity House offers 114,635 sq ft of space on five storeys, with a Grade A specification.
It is the second flexible workspace that Orega has launched in Birmingham. It already offers space at The Colmore Building.
Ben Hutchen, real estate director at Orega, said: “Ingenuity House is a unique building, which will attract a lot of interest from businesses who are increasingly looking for a flexible way to occupy property but also require high quality “state of the art” space. The popularity of flex space has been growing in Birmingham. According to CBRE, the city now has 650,000 sq ft of flex space, an increase of 37% on 2022. Average occupancy rates in the city are high- at 85%.
“We are also delighted to have secured an early pre completion letting to a prime financial services business, which clearly demonstrates the quality of ‘flex’ demand. We are thrilled to have captured this within our joint venture agreement on behalf of abrdn.”
Les Ross, fund manager, abrdn said: “We look forward to working with Orega on this new partnership, Ingenuity House is a high-quality asset with strong ESG credentials. We are committed to reduce the environmental impact of our buildings and we also have a responsibility to investors who want to ensure the way they invest is environmentally relevant. Given the high specification of this building we expect to attract significant interest from occupiers.”
Will Kinnear of HEWN who advised abrdn in the letting to Orega, said: “The flexible workspace sector is flourishing in the regions, as hybrid working becomes business as usual. By their very nature, flexible workspaces are flexible and responsive to market conditions. abrdn understand this and the partnership with Orega, to provide a high-quality flex offering alongside a traditional office product will ensure that Ingenuity House can meet all demand in the area. This site is a gamechanger for the Midlands and the flexible workspace market.”
CBRE’s out-of-town specialist, Michelle Mills, is retained by abrdn to lease the remainder of available space with colleague Dan White, head of flex advisory, Midlands and South, acting for Orega and the new occupier.
