Regus offer tenants a solution to shrinking office space

Regus offer tenants a solution to shrinking office space

With the tightening of the Wellington office market comes the rise of serviced office providers. Vacancy in Wellington peaked at 11.5% in December 2012, on the way downward prime vacancy reached 6% in December 2013 and now sits at a low of 2.8%. In this tight market, tenants are faced with few options and are drawn to the flexibility of serviced office solutions.

With tenant options continuing to shrink in the Wellington office market topped with increases in demand, further strengthening of rents are anticipated in the near future. Those tenants not wanting to commit to a long-term agreement but still needing short-term office space are now presented with a flexible alternative option, ‘mobile working’. Regus, the world’s largest serviced office provider, have recently found a new location for their second flexible workplace solution site in Wellington.

In a market where A-grade space is diminishing, Regus has expanded their network in New Zealand and are now opening up their second site in levels 31 & 32 of Plimmer Tower, 2-6 Gilmer Terrace, Wellington. National Manager of Regus, Nick Bradshaw says, “Regus is looking to expand its network in New Zealand in order to cover the ever growing population of ‘mobile workers’ and the uniquely diverse national and international business travellers.”

Regus’ flexible workplace solutions sites offer professionally furnished workspaces fully equipped with the latest technology services for single professionals as well as teams. In addition to their first flexible workplace site in Wellington at Level 15, 171 Featherston St, Regus have taken up the top two floors at their new site in Plimmer Tower. Stu Turnbull, JLL’s Commercial Sales and Leasing Broker, who worked closely with Regus for 18 months to find them the suitable space for their second Wellington site says, “The building has undergone a refurbishment costing in excess of $5 Million dollars, presenting it as an excellent option and currently has an NBS rating of just over 70%. With iconic views over Wellington city, this building represents excellent value and seismic reassurance”.

Turnbull continues, “At a time where vacancy is tightening in the Wellington market and the supply of quality space is at a premium and diminishing, as a solution, tenants are trending towards flexible and collaborative working spaces. Plimmer Tower was the obvious choice for Regus as the building is seismically sound provides a spacious modern working space and 360 degree views of Wellington.”

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