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CBRE Group moves into co-working space with the launch of CBRE Hana

Commercial real estate services firm CBRE has declared a move into the flexible working spaces sector with the creation of CBRE Hana, a new division which the agency says will partner with property owners to provide workspaces.

Hana will design, build and operate the co-working facilities and services, in partnership with institutional property investors.

In a statement, CBRE president and CEO Bob Sulentic 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.”

Andrew Kupiec has taken on the role of Hana CEO, having joined CBRE in 2017, and Scott Marshall will be chief development officer. Mr Marshall moves over from CBRE’s investor leasing service line.

The model will see CBRE co-investing in the cost of building the spaces, managing them and taking a portion of the revenue, but not collecting rent.

CBRE has launched Hana initially with a focus on New York City. Just last month, WeWork announced they had become the largest leaseholder in New York City with 5.3 million square feet of co-working space.

Hana will launch in 2019 and will offer a variety of services, from spaces for large corporates under Hana Team, to smaller meeting room options under Hana Meet.

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Hannah Blackiston

Hannah Blackiston was an in-house journalist with Elite Agent. She worked with the company from January 2018 to January 2019.