West House, a beige 1950s office block on London’s shabby Great West Road, may not be much to look at. Yet the building that was once part of a complex belonging to drugs maker Smithkline Beecham (now GSK) is emblematic of a rapid shift in the way businesses are dealing with property.
Rather than sitting on the balance sheet of a multinational or an old-fashioned landlord that demands occupiers sign decades-long leases, it is owned by flexible office provider Workspace Group. Tenants are typically expected to commit to just a couple of years, with a six-month break clause if they need to up sticks sooner.
