DALLAS–(BUSINESS WIRE)–CBRE Group, Inc. (NYSE:CBRE) today announced a new $100 million investment in Industrious, a rapidly growing provider of premium flexible workplace solutions.
CBRE’s new investment will enable Industrious, predominantly focused on the U.S. today, to accelerate its international expansion and execute key strategic growth initiatives. Earlier this month, Industrious announced its first international acquisitions: The Great Room in Asia and Welkin and Meraki in Continental Europe.
CBRE invested approximately $230 million in Industrious in late 2020 and early 2021. The new $100 million investment is in the form of a convertible preferred-equity security. CBRE continues to be the lead minority investor in Industrious.
The investment reflects CBRE’s strong belief in Industrious’ ability to capture a growing share of the rapidly expanding market for flexible office space. Fifty-nine percent of U.S. occupiers say flex-space will be a “significant part” (more than 10%) of their portfolio within two years, according to CBRE’s 2022 occupier survey.
“Industrious’ sector-leading customer satisfaction scores, outstanding management team and business model set it apart in the flex-space sector,” said Emma Giamartino, CBRE’s chief financial and investment officer. “We are excited about the significant opportunities available to Industrious to bring its innovative, amenity-driven approach to more occupiers and investors around the world.”
Jamie Hodari, co-founder and chief executive officer of Industrious, said: “We’re very excited to build on our industry-defining partnership with CBRE. The investment rests on our shared understanding that there is a monumental opportunity in front of us as companies rethink their real estate strategies. CBRE’s investment assures we have the capital we need in the coming years to grow on a global scale to meet current and future demand for flexible space.”
About CBRE Group
CBRE Group, a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com. We routinely post important information on our website, including corporate and investor presentations and financial information. We intend to use our website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Such disclosures will be included in the Investor Relations section of our website at https://ir.cbre.com. Accordingly, investors should monitor such portion of our website, in addition to following our press releases, Securities and Exchange Commission filings and public conference calls and webcasts.
Industrious, the highest-rated workplace-as-a-service company, supports distributed, on-site, and hybrid work models. Industrious’ flexible terms enable companies to outsource their workplace experience to remain agile and competitive as they navigate the future of work. Boasting the highest NPS score in the industry, Industrious has set a new standard for what the workplace should look and feel like. Recognized as one of America’s 500 fastest-growing companies in 2020 by Inc. Magazine, Industrious offers flexible terms in more than 60 markets across the U.S., the U.K., Europe, and Asia. For more information, visit industriousoffice.com.