A co-working hub for startups is set to open new offices as it nearly doubles the number of firms it can support.
CBR revealed in December that Shoreditch’s Techspace London would expand early this year, and today the organisation confirmed its Underwood Street premises will be ready by the end of March – representing a 25% increase in real estate.
Co-founder Alex Rabarts told CBR that the expansion has been fuelled by a demand for flexible office space.
"Startups are typically in a high-growth phase of the business so the requirement for office space is quite variable," he said.
"They might not want to take on the overhead of an office space that’s too large for them to grow into. Conversely they may not want to take on an office space that’s too small that they’ll outgrow."
He added that the organisation’s focus on tech has enabled startups working next to each other to benefit from one another’s expertise.
"It’s helped us carve a niche. People are working on similar problems and there’s a degree of crossover that allows people to help each other out," he said.
Owing to the size of some growing startups, Techspace has decided to jump from hosting 35 startups to hosting 50, rather than the 60 previously reported.
But it is planning further expansion in the area, Rabarts confirmed, as rising rents in Old Street see more early-stage businesses take advantage of co-working locations.
