CBRE Group has moved into the flexible office space sector with the creation of a new division which it says will partner property owners to provide workspaces.
The largest commercial real estate services firm, by revenue, said it has launched CBRE Hana. The new subsidiary will partner with institutional property investors who want to enhance their assets by meeting the growing demand for flexible office space.
Hana will design, build and operate the facilities and services, it said.
Bob Sulentic, CBRE’s president and CEO, said: “The way space is being used is evolving rapidly. Companies want the flexibility to adjust their occupancy to meet changing business needs and a better workplace experience to attract and retain top talent.
“Hana is perfectly suited to meet these needs. Reflecting this, we have already generated significant interest from building owners who are looking for a trusted partner to help deliver flexible space offerings, and have a robust deal pipeline.”
The Hana team is led by Andrew Kupiec as CEO, who joined CBRE from Zipcar in 2017, and Scott Marshall, as Hana’s president and chief development officer, who previously led CBRE’s investor leasing service line in the Americas.
CBRE now joins other major investors who have recently made moves to gain a share of the burgeoning flexible workspace sector. For instance, last year, Blackstone acquired The Office Group and Carlyle moved into London’s flexible and co-working sector by acquiring a platform from the Adir Group.
In August this year, IWG ended talks with potential buyers. The serviced offices group said it told Starwood, Terra Firma and TDR that it no longer intends to continue discussions about possible offers for its entire issued share capital.