CBRE bets $200m on flexible offices post-COVID with 35% stake in Industrious

As part of the deal, the global advisory firm paid about $200m in cash and agreed to merge its flexible space brand Hana into Industrious, which has more than 100 locations in 50 US cities.

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The deal stemmed from CBRE's belief in the rise of agile workspace products, particularly in the wake of the Covid-19 pandemic. It cited a survey it carried out showing that 86% of CBRE's occupier clients plan to incorporate flexible office space into their real estate strategies. About 82% said they will favour buildings that offer a flex-office component.

Sulentic said: "Our investment in Industrious is consistent with our view that flexible office space is playing an increasingly central role in companies' occupancy strategies and aligns us with an exceptional operator and an outstanding leadership team that is executing a great strategy.