Czech flex operator WorkLounge invests 18 million € in an 8,750 sqm building mixing coworking and private offices in Prague.
With this new building, WorkLounge will now operate 5 spaces in Prague and one in the US.
The brand gathers 1,200 members overall and reported last year, a turnover of over 1.2 million euros.
” This acquisition represents the latest addition to our private real estate portfolio and will soon become the new home of our sixth WorkLounge branch,” said Lubomir Silhavyý, the Founder of WorkLounge.
Besides WorkLounge’s recent expansion, the coworking market in the Czech Republic is now consolidating with the three largest players, namely WorkLounge, Scott.Weber Workspace and IWG beginning to dominate the market with shared offices.
According to a recent Savills report, in the first half of this year, the flexible office sector accounted for 8 percent of the realized office leases in Prague, just 5% less than in London.
“Flexible office space operators in the Czech Republic are still looking for new attractive locations. A number of transactions are pending closing. This expansion responds to growing demand and a change in the way office space is used, which is no longer just about ‘micro-teams’, as it was in the past. After the pandemic, demand is growing not only from Czech companies but also from foreign companies with smaller and medium-sized branches, which prefer this model with up to around 50 to 70 workstations,” says Pavel Novák, Head of Office Agency Savills Czech Republic & Slovakia.