New Work, a Hungary-based flexible workspace provider, continues its expansion in the Czech Republic with plans to open its third Prague location by the end of the year in the Rustonka office complex in Karlín. Supported by international real estate advisory firm Savills, New Work’s first flexible workspace centre was opened in Coral Office Park, followed by another in the Dynamica building in the Waltrovka complex. By 2020, four other new locations should be established, bringing a total of more than 25,000 square metres of flexible office space onto the Prague market.
New Work provides fully furnished and equipped offices for corporates and small and medium-sized enterprises looking for modern workspace on flexible lease terms. Each New Work location offers unique workspace that brings together a different combination of design and functionality.
Its current flexible office space is located in Prague 5. The centre at Coral Office Park consists of 80 offices covering 2,600 sq m on four floors with space for up to 270 people, which is most suitable for midsized companies of 10 to 50 employees. At Dynamica, New Work provides a total of 86 offices occupying almost 2,800 sq m on one floor that can accommodate nearly 300 people, making them particularly attractive for medium-sized and large companies. The third location will be in Prague 8 in the Rustonka complex in Karlín, a district which has experienced an unprecedented boom in recent years with office space there among the most in demand. This centre will offer 40 offices for up to 176 people covering an area of 2,200 sq m on one floor.
Savills also recently represented New Work in lease negotiations outside of the Czech Republic, including office space leases at Hi Piotrkowska 155 (5,000 sq m) in Łódź and Bonarka for Business (2,800 sq m) in Krakow, advised by the Savills Poland team, and at AFI Tech Park (2,800 sq m) in Bucharest, advised by Savills associate firm Crosspoint in Romania.
“The biggest trend in 2019 is the increased activity of flexible workspace providers and coworking centers. With a slight delay, Prague follows the global trend and we can expect further growth of this segment. New Work is becoming one of the key flexible workspace providers on the Prague office market and we are delighted to be part of its expansion,” says Petr Florián, Head of Tenant Representation, Office Agency, Savills.
New Work was founded by German entrepreneur Hubert Abt in 2012 when it opened its first office centre in Budapest, Hungary. The company has been present in the Czech Republic since 2018 when it opened its first centre at Coral Office Park. Since its establishment, New Work has been doubling in size each year and now operates in five countries in Central and Eastern Europe (Hungary, Poland, Czech Republic, Romania and Ukraine). By the end of 2020 the company aims to have 50 locations with more than 130,000 sq m in CEE, which would rank New Work as the number 2 player on the market.