New Work came up a winner at the 9th CEE Investment Awards 2019 in the category of Serviced Office Provider. The annual CEE Investment Awards Gala, held on October 24th at the Intercontinental Hotel in Warsaw, is one of the most significant commercial real estate events in Central and Eastern Europe.
Over the past few years, flexible leasing has revolutionized the traditional perception of the office as a workplace. According to Cushman & Wakefield, “this sector’s growth has disrupted the office market. Demand for such space is rising very rapidly worldwide. In contrast to traditional offices, coworking offers more flexibility and security under short-term leases. For corporations, coworking is an excellent product that helps them establish cooperation with smaller entities and organize a temporary office to continue operations whilst waiting for a new space to move into.”
Nominations in the category ofServiced Office Provider went to the following companies: New Work, Business Link, CitySpace and WeWork.
Companies offering flex office space have been active in Poland for over 20 years, and Warsaw is by far the largest flexible space market in CEE with 77,400 sqm of coworking space, which is 70 percent of Poland’s total flex office stock.
New Work – a Hungarian-based flex office provider present on the CEE market since 2013 and on the Polish market since 2017 – won the competition thanks to its innovative approach to customer service and the impressive pace of its rollout, especially in Poland. Reacting to the news, Hubert Abt, founder and CEO of New Work who has been active in commercial real estate development and financing in CEE for over 20 years, stated: “We are proud of this prize. This is great news that acknowledges the revolutionary business model that New Work has followed. As the only flex space provider born and raised in CEE, we cover all major regional markets in Hungary, Poland, Romania, the Czech Republic and Ukraine. Over the last five years, New Work has been growing by 100-percent year-by-year and we intend to keep up this pace. In Poland, which is our biggest market, we are consistently adding new offices to our network to be able to offer prime locations in all relevant cities to our corporate clients by the end of 2020. New Work will have 25 locations in five countries and seven cities by the end of 2019, and we are targeting 50 locations with approx. 130.000 sqm in 12 cities by the end of 2020.”
“We closed our Series A funding round in June and have now opened Series B. With this we increase, our equity will grow to almost €10 million by end of 2019. We intend to capitalize on the expected market correction as an opportunity to extend our footprint in the CEE region. The demand for flexible office solutions, especially from corporate clients, is on the rise and will only increase when the market begins to cool down.”