CBRE Opens Second Hana Coworking Location In Irvine, More To Come
Orange County has a new coworking competitor in town.
The 62K SF spot will provide Orange County businesses from small startups, mid-tier companies to large enterprises a new flexible workplace experience.
"This is a result of demand," CBRE Chief Experience Officer for Hana Brian Harrington said of the Orange County coworking market. "More and more of these companies are looking for a solution that we are offering. That's why we came."
The opening of the second Hana comes as CBRE continues to make a big play in the coworking and flex office space worldwide. The word Hana is a homonym. In Hawaiian, the word means work. In Arabic, it means happiness. In Japanese, it translates to flowers, according to Harrington.
"The language transcends cultures," Harrington said. "The brand really embodies what we see is an inclusive workplace that promotes happiness and enables individuals and companies to do great things."
In 2018, CBRE became the first brokerage company to create its own coworking offering to rival WeWork, IWG and other brands. The following year, Savills followed suit, saying it would also create its own coworking brand. CBRE has since moved swiftly, opening a 67K SF Hana, its first, in August at the PwC Tower at Park District in Dallas.
CBRE has also signed a lease with JBG Smith to occupy 39K SF of office space at 2451 Crystal Drive in Arlington's Crystal City neighborhood near Washington, D.C. Harrington said they have more planned in the top 25 markets across the United States and the United Kingdom.
In Orange County, the coworking and flex market takes up 1.5M SF of office space as of the second quarter of 2019, according to CBRE, with at least 19 operators and 67 coworking locations in the county. WeWork occupies the most space with eight offices totaling 400K SF, followed by Premier Business Centers with 20 offices totaling 341K SF and Regus with 18 offices and 286K SF, according to CBRE.
Harrington said the coworking trend is here to stay, and CBRE is ready to bring its unique offering to the table. In the course of the next 10 years, Harrington said this market will grow 5x to 10x more than what it currently is.
He said they are looking into more locations across Southern California, including a second office in Orange County and in Los Angeles.
"We are focused on expanding the Hana brand: high-quality, sophisticated, comfortable and a lot of thoughtfulness in the design," Harrington said. "In these units, we're focused on creating the types of environment attracted by the employees of these types of companies and help them achieve a fantastic workday, every day."