Conference space provider etc.venues is repurposing 10 sites in London, Manchester and Birmingham to offer flexible office space, as the events industry continues to struggle as a result of coronavirus.
Etc.venues has traditionally offered venues for companies looking to host events, as well as providing some flexible meeting room space.
But as the events industry tries to address concerns about maintaining social distancing, the company is shifting its business model in the short term to offer flexible office space in its venues.
“We’re not going to be full and there’s an opportunity for us to repurpose some of our space into workspace,” said chief operating officer Nick Hoare.
The company is launching a new flexible office space and meeting room offering, whereby companies can rent space for as little as a day or for several months.
Eight locations in London are being repurposed – County Hall, Chancery Lane, Fenchurch, Monument, Marble Arch, St Paul’s, and Bonhill House and Tenter House in Moorgate – as well as venues in Manchester and Birmingham.
We’re not going to be full and there’s an opportunity for us to repurpose some of our space into workspace
– Nick Hoare, chief operating officer, etc.venues
Hoare said he expects enquiries to increase as children return to school and parents can start to attend meetings again. But he added that a permanent shift towards a flex office space offering is unlikely.
“We still see ourselves as the experts in meetings, training events and conferencing,” Hoare said. “We will be pivoting to this for a period of time, but we’re also very confident we don’t want to tie up too much inventory for when we want to get back to our core.
“It’s probably focused on the short to medium term, but if it works well, it may remain as part of the business.”
Competition in the flex space market has become rife, with operators fighting for business.
The Argyll Club has launched a scheme whereby businesses can rent an office for the day at a number of its London locations in Mayfair, Victoria and the City. Be Offices has put a “Covid clause” into contracts for new tenants, making it easier for occupiers to restructure or walk away from leases if a second wave of the coronavirus pandemic leads to further lockdowns.
In June, EG revealed that WeWork cut the cost of some new memberships in the UK by up to 75%, a larger discount than in deals rolled out pre-Covid.
Hoare said that although many flex space operators are offering discounts and offers to entice new tenants, he believes etc.venues can differentiate itself with very short leases.
Etc.venues has 400,000 sq ft of space leased across 17 venues: 15 in London, one in Manchester and another in Birmingham.
The company has been focused on expanding into the US, and wants to grow the global etc.venues portfolio to 1m sq ft, two-thirds of which will be US-based.
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