OSPA – the flexible office service provided by HFD – secured just under 100,000 sq. ft. of lettings in its first year since the new concept was launched, as the office market in the greater Glasgow area bounced back.
Introduced in February 2024, Ospa is said to provide occupiers with an all-inclusive offering, with none of the ‘hidden fees’ usually attached to serviced office space – often for the provision of broadband, use of communal facilities and meeting rooms, or energy supply.
There were 99 new lettings, renewals, and expansions across the Ospa portfolio in its first full year – averaging just over 1,000 sq. ft. for each transaction. Mirroring the Ospa range of accommodation on offer, the lettings ranged from 230 sq. ft. to 7,212 sq. ft and, across those deals, 48% involved professional services occupiers, while the engineering and renewables sectors accounted for another 14% and 12%, respectively.
Following investment from HFD into refurbishment, decarbonisation, and energy efficiency works, Ospa currently operates 215,000 sq. ft. of office space across five buildings at Strathclyde Business Park and Hamilton International Park in Lanarkshire. Each site offers electricity supplied from 100% renewable sources, a range of on-site amenities, and nature walks.
Although the Ospa brand was launched during 2024, HFD has provided serviced offices for around 30 years, with its longest-standing occupier, Rehau, letting space at Strathclyde Business Park since 1997.
In November 2024, HFD announced the addition of Mercury House to the Ospa portfolio at Strathclyde Business Park, after agreeing to purchase the 65,000 sq. ft. property from London Metric. The building will be renovated to include focus rooms, collaboration zones, showers, and EV charging points, with ‘significantly improved’ energy performance.
Rosemary Hill, director of HFD Services, said, “Ospa has had a strong first year, performing ahead of our initial expectations. It is testament to the quality of the offering, both in terms of the quality of the space we provide but also the service levels experienced by our clients. This, combined with our relentless focus on sustainability has been the reason that we have seen so many new lettings and renewals.
“Our flexible approach and range of space available has also facilitated expansions across our portfolio of properties, with one renewables occupier doubling its space twice in the last 12 months. We knew from speaking to our occupiers what the property challenges they typically faced were and relaunched our offering to directly address those. Whilst some providers offer what seems like an affordable base rent it is often much more than anticipated when you factor in the cost of ancillary services, so we made the conscious decision to be fully transparent upfront with an all-inclusive offering.
“With the addition of Mercury House, a strong 12 months behind us, and an increasing number of people returning to the office, we have plans to expand Ospa in 2025 and look forward to sharing more news in the not-too-distant future.”
