CBRE, the world’s leading national real estate consultant, has intermediated rental deals for approximately 22,000 mp of coworking workspaces for the Regus and Spaces brands since 2015.
This area includes agreements for new centers that have opened or to be inaugurated, as well as contractual renegotiations. CBRE and IWG (International Workspace Group) have so far carried out eleven new space rental and renegotiation projects.
Regus and Spaces are labels of flexible workspaces designed to increase the productivity and creativity of companies and start-ups. The brands are owned by IWG, a multinational corporation headquartered in Luxembourg, whose portfolio also includes Basepoint, No.18, Signature and Open Office.
IWG entered the local market in 1999 with the Regus brand, and in 2018 it launched the Spaces brand in Romania. Regus is the pioneer of the coworking market in Romania, a segment that is in a process of accelerated growth in recent years.
”Our partnership with IWG, originally for the Regus concept and, since 2018, for Spaces, has been active for three years and has grown stronger over time. Collaboration with one of the largest providers of flexible working spaces makes us extremely proud. It is a success not only for the CBRE portfolio, but also for the local market, which has managed to attract such an important player from a niche that has a growing share in the office space market,” said Victor Rachita, Business Development Executive of CBRE Romania.
Currently, CBRE has in progress for Regus and Spaces office space transactions that will cover cumulative surfaces ranging from 10,000 sqm to 15,000 sqm. According to agency representatives, these transactions will be completed within a minimum of six months and a maximum of nine. For the next period, the IWG’s goal is to cover all business areas through the Spaces concept and to expand massively in both Bucharest and all major cities in the country.
”Many owners have understood the need to provide future tenants with coworking space. The need to ensure employee mobility and to provide them with a creative and community-based work environment has become a relevant criterion for companies when choosing their headquarters,” said Vlad Damian, Senior Advisor of CBRE Romania.
”Coworking spaces are the offices of the future. Young people want to work in unconventional spaces, and companies with high quality labor are willing to meet this requirement. The concepts of Regus and Spaces are based on a solid investment and extremely complex know-how. They are interested in large spaces, and the development costs are around EUR 800/sqm. We are convinced that together with CBRE, the IWG will be extended to all major office projects in the country and we consider this collaboration as an important success for the Romanian market. The entry into the local market of a company with the experience and results of the IWG is an asset, especially since in about 10 years, according to our estimates, no developer will build an office building without including a flexible working space,” concluded Ramona Predescu Iacob, country manager IWG.