Commercial real estate landlords who want to reposition part of their properties as flexible workspaces currently have two options; either create it by themselves, or rent it out to one of the large flexible workspace providers.
The tech startup infinitSpace has identified a gap in the market by offering flexible workspace as a white-label solution for landlords and has raised €1m of funding in less than six weeks.
The investment will be used to scale the business in the core markets Germany, Israel, the Netherlands and United Kingdom. The founders of infinitSpace are North & West Europe’s former MD of WeWork, Wybo Wijnbergen as CEO, his brother and serial tech entrepreneur Wilco Wijnbergen as CTO, and former Director of the company’s European expansion, Elad Hod as CGO.
“Unicorns and large corporates jumped on this trend three years ago. This concept enables them to extend or reduce office space on demand alongside advantages of short-term lease commitments. To address this demand, landlords have to add a flexible workspace component to every ‘Grade A’ building, alongside providing an optimized experience for traditional tenants. Those not adjusting to the market’s new era will take an unbearable risk of becoming non-competitive,” says infinitSpace co-founder and CGO Elad Hod.
Flexible workspace is the evolution of co-working: like a hotel, it mainly offers flexible private offices alongside shared and open areas. It also provides a wide range of supporting services to the members on an ‘all-inclusive’ basis.
Independent operation requires significant know-how and experience in terms of management, administration, furnishing, finding tenants and maintaining the premises – all very time-consuming processes.
As a consequence, landlords partner with flexible workspace providers, losing influence on decision-making. The majority of flex space suppliers only consider prime locations, making it difficult for commercial property owners in other areas of the city finding tenants.
“Our flexible business concept allows us to service prime as well as de-centralized locations. As a white-label provider, we fully adapt to landlords’ requirements concerning design and operation while the space is operated under their brand name”, says co-founder and CEO Wybo Wijnbergen.
“It includes concept, design and furnishing, marketing and client acquisition, community and events management, administration and sales and maintenance of the premises. Community managers at location and our dedicated software guarantee an elevated experience for landlords, tenants and users of the premises.”