New Work in new buildings
Office & mixed-use developmentdeputy editor
One of these will be in the newly completed building H of the Bonarka for Business (B4B) office complex in Kraków, which is being developed by TriGranit. New Work will be occupying 2,800 sqm of the 9,830 sqm building.
New Work’s other new location is in the Hi Piotrkowska 155 development in Łódź, where it has leased almost 5,000 sqm. New Work will occupy four floors as well as a conference and meeting centre on the ground floor of the tower building, which should be completed in Q1 2020. The entire complex, which will comprise two office and service buildings as well as a Hampton by Hilton hotel, is scheduled for completion by Q2 2020. Master Management Group is the developer and the investor behind the project.
New Work, which provides fully furnished and equipped modern offices for corporations as well as small and medium-sized businesses on flexible leasing terms, has so far only opened centres in Warsaw: in Wilanów Office Park (3,200 sqm), Neopark (2,500 sqm) and Kaleńska 5 Business Center (1,600 sqm). It will be soon also be opening on 4,000 sqm in the nearly completed Wola Retro building in Warsaw as well as on 2,000 sqm in its first location outside Warsaw – Imagine in Łódź, which is due to open in the autumn. Savills advised New Work for both transactions.
“We are the only flex-space provider born and raised in Central Europe that covers all major CE markets. Over the last five years New Work has been growing by 100 pct y-o-y and we intend to keep up this pace. In Poland we are consistently adding new offices to our network to be able to offer prime locations in all relevant cities to our clients, and we are now opening our second office in Łódź. Despite being a newcomer to the Krakow market, we are already in the process of choosing another location there. By the end of this year we want to provide a total of 50,000 sqm of office space. Our portfolio consists of 25 locations in five countries and seven cities in the CE region, and we are to reach 100,000 sqm soon,” announced Hubert Abt, the CEO of New Work.
In order to finance this growth, New Work went public last year, raising its equity to EUR 3 mln. “We have just closed an issue of series A shares and have now started with series B. With this we should be able to increase our equity stock to almost EUR 10 mln by the end of Q3 2019,” adds Hubert Abt.
“The rapid growth in serviced offices and coworking spaces has so far centred on Warsaw. However, today it is the regional cities that boast the strongest growth potential. At the end of Q1 2019, Krakow’s office buildings offered 17,700 sqm of flexible office space, nearly seven times less than Warsaw’s stock, while Łódź had just 1,800 sqm. Looking ahead, this will change – thanks to New Work. The provider has chosen high quality office buildings in prime locations in both cities that will certainly become sought-after destinations,” believes Jarosław Pilch, the head of tenant representation in Savills’ office agency in Poland.
New Work's future flex-offices in the Hi Piotrkowska 155 building in Łódź
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