What makes flex space successful?

The success of a building is often measured by how quickly it is fully let, whether it meets financial targets, and occupier satisfaction and retention. Flex space is no exception.

At 51 Lime Street in the City of London, we’ve seen remarkable success. Orega is managing 36,000 sq ft of flexible workspace under a management agreement with insurance giant WTW and we have fully let the sixth and seventh floors of this 27-storey Norman Foster-designed tower within nine months of opening in March 2024, beating expectations on both timing and financial return. The space now buzzes with a mix of insurance and financial services firms. What has this taught us?

Key lessons learned:

1. Flexible partnerships

Traditionally we work with property owners. However, in more recent years we have been partnering with corporates to repurpose excess office space into externally available flex space. This arrangement provides them with greater flexibility should their needs change, together with greater control over any business occupiers. We share investment risks and benefits with them, giving us an incentive to perform. It’s a win-win situation, particularly since we understand what flex space occupiers want and need.

2. Location matters

Location plays a pivotal role. Situated in EC3, London’s insurance hub, 51 Lime Street benefits from proximity to Leadenhall Market, the Royal Exchange, Bloomberg Arcade, and numerous cafes and restaurants and shops. It has excellent transport links (Fenchurch Street, Liverpool Street, and Bank stations). A prime location such as this attracts businesses eager to bring employees back to the office. Our 2024 survey of office occupiers bears this out with location and ease of travel for staff named as key components for businesses choosing office space.

3. Building quality

The tower’s premium design includes a triple-glazed façade, a light-filled double-height reception, and spacious, column-free floors with floor-to-ceiling windows that provide natural light, even when the floors are partitioned. Features like LED lighting and controlled temperatures – top priorities for employees as our survey also showed – make it an appealing workplace.

4. Modern interiors & IT

Our offices offer fully furnished, adaptable CAT A workspace as well as CAT B open plan desking and flexible break out areas, providing a wide choice of different working space zones, including coveted phone booths, which provide the privacy often required.  State-of-the-art IT is also a given. The building offers workspace solutions tailored to modern needs, whilst supporting our occupiers’ brands.

5. Amenities & hospitality

Amenities including a restaurant and coffee shop on the 15^th floor with skyline views, two terraces, a gym, cycle and shower facilities, an auditorium, and two prominent receptions offering a concierge services elevate the tenant experience. Our survey also showed that employee wellbeing (87%) and high-quality space (86%) are key drivers for businesses choosing office space – both of which Lime Street delivers.

Occupying and working in 51 Lime Street therefore becomes an experience. Businesses can get on with what they are good at – running their businesses and leaving the rest to us.

One happy customer, Susan Loftus, partner at SAP Fioneer, who is now based in the office, said: “We are extremely pleased to have our London Headquarters at Orega Lime Street. The building, offices and common areas are well designed, fit-for-purpose and welcoming.  We especially like 51 Lime Street kitchen for its convenience and meal offerings. The Orega Lime Street team provides superior service and support – they are professional, highly organised, and customer service focused. Our office is a positive reflection of our company and our brand.”

The takeaways:

Not all flex spaces have the advantages of Lime Street, but its success underscores the importance of location, building quality and design, state of the art amenities and hospitality/service. When these align, the result is outstanding – and profitable. Needless to say, we’ll be continuing to seek opportunities to replicate this success across the capital and in other major regional cities in the UK.

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