Brandlords

This 2021 presentation by Zoe Ellis-Moore of Spaces to Places examined how landlords could respond to the growth of flexible workspace and reposition themselves as customer-facing “brandlords.” It argued that hybrid working was supporting demand for local flexible space and framed the market through the differing objectives of investors, owners, operators, occupiers and end users. The deck contrasted traditional property terminology and relationships with a proposed membership-based model built around participation, advocacy, sharing, partnerships, networks and contribution. It set out four routes for landlords: creating their own flexible-workspace brand, joining a franchise, pursuing a management agreement or leasing property to an existing operator. Examples of landlord-led flexible-space brands and several operating formats were presented, ranging from coworking and traditional serviced offices to operator-managed, remainder-lease and landlord-managed space. The slides cited Great Portland Estate’s flexible-space portfolio and reproduced third-party material from DeVono Cresa and Colliers to illustrate operating models and the mix of providers across selected European cities. The presentation concluded that real-estate decisions required both analytical and emotional considerations, connecting commercial logic with brand, community and user experience.

Key findings

• Landlords were presented with four routes: create a brand, join a franchise, use a management agreement or lease to an operator.
• Great Portland Estate reported 266,700 sq ft of flexible space, about 13% of its office portfolio, for the year ended 31 March 2021.
• Great Portland Estate’s flexible-space portfolio had grown 22% year on year, and the company was seeking to add another 134,100 sq ft.

Presented by Zoe Ellis-Moore, Spaces to Places, at Coworking Europe 2021