CBRE advised coworking operator Spaces on leasing 4,100 sqm of office space in Expo Business Park, located in the Expoziției area of Bucharest. The leasing contract exceeds the market average length of five years.
Spaces is a brand owned by International Workspace Group (IWG), a multinational corporation whose portfolio also includes Regus, Basepoint, No.18, Signature and Open Office. IWG entered the local market in 1999 with Regus.
”CBRE supports the current trend of accelerated growth in the number of coworking spaces in the office sector. The fact that our country follows this global trend is a sign that the local market is maturing. The decision of such a large player as IWG to expand its business in our country, through Spaces and Regus, is further proof that the Romanian economy is strong enough to trigger interest from major international companies. Also, we are pleased to observe that powerful developers, such as Portland Trust, value alternative workspaces as part of their office projects, thus being in a strong position to offer their tenants much-needed flexibility for long-term leases. The opening of the largest Spaces centre in Romania is both a confirmation of the solid partnership between CBRE and IWG, as well as an indicator that the serviced office sector is heading in the right direction, and increasing the share of the flexible component. According to CBRE’s prognosis, every successful office project to open in the next period should offer flexibility through coworking and serviced offices in order to attract tenants and secure long-term leases”, said Razvan Iorgu, managing director of CBRE Romania.
CBRE also represented ING Bank in the closing of this leasing transaction.
Expo Business Park is the first major office project to be delivered in Expoziției area of Bucharest in the last seven years and will have a net leasable surface of 40,000 sqm located at the crossroad between Expoziției Avenue and Aviator Popișteanu Street. Completion is scheduled for 2019.