CP Group Eyes Major Flex Office Expansion

Spec Places in Bank of America Plaza, Atlanta. Image courtesy of CP Group

CP Group, of Boca Raton, Fla., plans to complete 340,000 square feet of its “worCPlaces” brand flexible office suites this year, the company announced on Monday, July 17.

Designed in collaboration with Gensler, the worCPlaces program was launched in late 2021, in response to market demand during the pandemic for flexible, modern workspaces.

The brand consists of three types of spaces designed to meet the needs of both small to medium-size tenants and enterprise-level businesses.

• Cowork Places, scalable coworking office space for small, growing teams
• Flex Places, individual suites with shared amenities, intended for high-growth companies
• Spec Places, traditional move-in-ready pre-built office suites

Tenants today urgently need customizable yet turnkey work environments that are fully amenitized for their staff, Brendan McGee, director of worCPlaces at CP Group, said in a prepared statement.

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All worCPlaces suites offer flexible lease terms of two to 10 years. Tenants can have personalized company branding on their suite entrance, as well as hybrid meeting spaces, flexible workstations, dedicated break and copy/storage space, enterprise grade-internet and printing, and other in-suite amenities designed for flexibility and easy move-ins.

CP Group is underway on multiple worCPlaces offerings, all scheduled for delivery this year or early next year.

• Paces West in Atlanta offers seven Spec Places ranging from 3,000 to 7,000 square feet delivering next month, with two preleased.
• Bank of America Plaza in Atlanta is near completion on 100,000 square feet of Spec Places, totaling 13 suites of 4,000 to 25,000 square feet, two of which are preleased.
• 5600 Glenridge in Atlanta will have a full floor of Spec Places ranging from 3,000 to 4,000 square feet to be delivered by the end of the summer; one is preleased.
• Two Town Center in Boca Raton, Fla., has already leased up a full floor (of five spec suites) before its completion, recently completed another full floor of spec suites ranging from 1,700 to 3,200 square feet, and plans to build out another one or two floors of Spec Places by the end of this year.
• Boca Raton Innovation Campus in Boca Raton is underway on more than 30,000 square feet of Spec Places ranging from 1,700 to 3,200 square feet, as well as 16,000 square feet of Flex Places, to be delivered by 2024.

More choices

Before and through the pandemic, alongside the uncertainties of hybrid work, the coworking sector continues to expand, both in terms of total space offerings and the number of players, which include some of the commercial real estate industry’s most established companies.

The offerings have also become more sophisticated. For example, Sarah Travers, CEO of Boston-based Workbar, described different “neighborhoods” within a coworking space. A study neighborhood mimics a library, while a commons neighborhood is geared toward team collaboration.