HEWN launches regional UK flex workspace database

UK: Flexible workspace consultancy HEWN has launched a regional flexible workspace index in six of the UK’s largest cities.

Having previously established two indexes for London, HEWN has expanded to index Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester. 

In each market, HEWN’s Flexible Workspace Returns Index provides comparisons between costs of traditional offices to flex workspace. Data from Office Ready Tech, Valve, OBI Property and Morton Property Consultants contribute to the tool, which considers desk rates, operational costs and market rents to return accurate cost-benefit analysis.

Despite growth in demand, HEWN said markets like Manchester and Birmingham allocate to flex just four to six per cent of total office space. Founder Will Kinnear noted that regional markets are undervalued due to a lack of data, despite operational strengths.

“The overall picture that emerges unsurprisingly a positive one,” Kinnear said. ”Flexible workspace outperforms traditional market rents across the Big Six cities, with demand driven by hybrid working and an increasing preference for high-quality, service-led environments. There are some real surprises, each of the Big Six is growing in its own way, and together they represent the next phase of growth for the sector adapting for their regional market.”

HEWN advises UK investors, developers, property owners and funds on the flex workspace sector. More than 45 joint venture and management agreements have seen the firm total 750,000 square feet of office space across the country.

Highlights:

• HEWN has launched a regional flexible workspace index covering Birmingham, Bristol, Edinburgh, Glasgow, Leeds and Manchester, following two previous London indexes.
• The tool benchmarks traditional office costs against flex workspace using desk rates, operational costs and market rents, drawing data from multiple property consultancies.
• HEWN found flex workspace outperforms traditional rents across all six cities, though Manchester and Birmingham allocate just four to six per cent of office space to flex.
• Founder Will Kinnear said regional markets are undervalued due to lack of data, with each city growing in its own way representing the next phase of sector adaptation.