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Seizing the opportunity of grey space

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The amount of grey space in London had already started to increase as global businesses began Brexit relocations leaving once occupied workspaces empty despite the remaining terms on their leases. The pandemic and economic crises have served to further accelerate its prevalence in the commercial property market as tenants evaluate their business needs, ways of working and indeed if they can survive the recession now upon us.

Grey space (office space that is surplus to the needs of the original tenant but where their lease has not yet expired) can be a burden on both tenant and landlord. They will both want to sub-let or assign the lease to a new occupier to relieve the original tenant of the financial drain and to maintain sustainable rental income for the landlord.

Whilst there is much uncertainty for businesses following the Covid-19 health emergency, there is also an opportunity to quickly make grey space very attractive to other potential occupiers.

With tenants pivoting, shape-shifting shrinking or growing depending on their sector and how they have been able to function in these extraordinary times, there is also demand for space that comes with flexibility in both cost and commitment. Grey space typically ticks the boxes of little to no upfront costs, cheaper rent and more flexible leasing terms making it particularly attractive to high growth companies or those with relatively short-term requirements.

If landlords invest in making their grey spaces great, encouraging the tentative and disenchanted back into the workplace and offering affordable, flexible solutions to the tenants who need that in order to survive, they stand to prosper as the working world resumes its post-covid status quo.

In refreshing the available space and its furniture, minimal spend by landlords can result in a maximum market impact, reducing void and ensuring occupancy on a greater percentage of their portfolio.

Our Grey to Great programme is designed to deliver a fast turnaround of surplus workplace stock, following five simple steps – Review & Validation, Design, Furniture Appraisal, Technology Assessment, and Construction – and returning it to market as an attractive and immediately occupiable option.

With 5,000,000 sq ft of space delivered, and over 1000 tenants being spoken to at any one moment, we pride ourselves on our ability to unite the demands of both landlord and occupier, giving each party the outcome they need.

For more information, please email greytogreat@thirdwaygroup.com or speak to our team on 020 7846 0686.

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