Edinburgh’s reputation as a vibrant entrepreneurial ecosystem has been given a boost with the launch of a new co-working hub in the city centre, which is set to open later this year.
Spaces, the Amsterdam-based co-working brand, has let 29,707 sq ft of office space at the recently refurbished development, One Lochrin Square in Edinburgh’s Exchange District.
Spaces provides a creative working environment with a social heart for an entrepreneurial community and encourages members to network with each other through a program of business and leisure events.
Founded in 2006, the company is already home to businesses in several locations across the UK, including London, Liverpool, Brighton and Glasgow, with plans to announce more locations in the coming months. Outside of the UK, Spaces’ global footprint now spans more than 25 countries, including the USA, Brazil, Australia, Japan and Spain.
The deal will see Spaces occupy three floors of the building, representing 46% of the total floor area. The buildings other tenant, Ctrip, which is the Chinese owner of Edinburgh-based Skyscanner, took 12,000 sq ft on the building’s first floor late last year.
Richard Morris, UK CEO Spaces, comments: “Spaces’ emphasis on networking and community allows users to meet others who share a belief in the power of collaborative working.
“Edinburgh is an important business location for our expansion plans. Our new hub will provide a flexible environment for businesses to grow in a key, strategic business location.”
Toby Withall, office agency partner at Knight Frank, said: “2018 will begin to see a steady flow of collaborative, co-working facilities coming to Edinburgh and Glasgow. The Spaces concept is just one of a few operators looking at the city. It’s very good news for One Lochrin Square, which has generated strong occupier interest since its recent refurbishment and we are confident the remaining second floor will be fully let soon.”
One Lochrin Square was re-launched by UBS Asset Management on behalf of investors in March 2017 following a major refurbishment.
Ben Reed, office agency director at JLL, said: “UBS took a bold decision to include some ‘de-furbished’ space on the ground floor – a property trend which accentuates a building’s existing features by offering stripped back, loft-style office accommodation. This was a factor in attracting Spaces to the building as well as the benefit of securing bright open plan upper floors with access to a large roof terrace.”
Located in the heart of Edinburgh’s Exchange District and beside National Cycle Route 75, the redevelopment has placed a major emphasis on the provision for cyclists with secure storage and extensive new showers.