ATLANTA— Bridge Investment Group LLC’s commercial brokerage subsidiary Bridge Commercial Real Estate announced the launch of new flexible-term office offering, Abridge, to connect businesses with move-in-ready office space more quickly and more efficiently without sacrificing the independence of their brand and workspace.
With space now available for move-ins beginning in June 2021, the first phase is underway with a total of 158,000 square feet at six Class A office properties in five high-growth suburban markets across the country, where there is limited existing inventory for flexible office space. These properties include: 1277 Lenox Park and The Dupree in Atlanta, Georgia; Flagler Station in Miami, Florida; Makers Point in Reston, Virginia; Tower 1320 in Irving, Texas; and West End Office Park in Minneapolis, Minnesota. Additional phases are under design with a target to deliver approximately one million square feet of inventory across Bridge’s national office portfolio.
“We’re directly responding to tenant demand for flexible office spaces in prime, suburban, high-growth markets, especially with companies looking to rebalance their real estate portfolios upon reoccupancy. The Abridge offering is a perfect solution for quick move-in with brand preservation,” said Jeff Shaw, CEO of Bridge Commercial Real Estate. “Combined with Bridge’s traditional lease offerings and market-leading amenities, our Abridge program allows organizations to have another option that can be tailored to meet the evolving employee desires, in order to promote recruiting and retention, while solving for fluctuating or unpredictable headcount projections and organizational goals, without the logistical and managerial hassles — and all under the trusted national Bridge name and standards.”
Abridge seeks to eliminate the operational hurdles of third-party flexible office companies by partnering directly with tenants. Private suites accommodate 12 desks to up to 246 desks based on the location.
The floorplans are all designed around a common amenities “hub” with reservable conference rooms outfitted with the latest technology, social spaces and lounge areas, and a kitchen with premium beverage service. Additional amenities include high-speed internet and robust security options, cleaning services and design services, plus access to the full building amenities at the location.
Curated by award-winning Bridge Commercial Real Estate Design Manager Tamala Herd, Abridge offers companies the ability to configure their space without the need to bring in an architect. Sophisticated, customizable furniture packages, layout options, opportunities for branding and an end-to-end solution powered by technology allow companies to move in within 30 days from signing the lease.
According to Colliers International’s Flexible Workspace Report, overall demand for flexible office space could double or triple over the next five years, with surging corporate demand for flex space in secondary suburban markets creating new opportunities for traditional office landlords and niche operators. But there is currently a substantial supply deficit in many of those suburban markets, one reason why Colliers predicts that 2021 will be the year flex office space increases dramatically.
The launch of Abridge also arrives at a time when secondary suburban office properties continue to show great strength. According to Newmark’s Q4 2020 Capital Markets Report, demand for office product has shifted in favor of suburban real estate in the past five years. Additionally, investment volume increased by 90.2% quarter-over-quarter in the fourth quarter, as CBDs in non-major markets and suburban product outside of major markets attracted a large share of investment. By December 2020, suburban office also exceeded pre-pandemic monthly pricing, reflecting pent-up investor demand and strong fundamentals.
“As leasing activity continues to ramp up, we believe this offering will generate meaningful solutions for businesses by creating a bridge that allows employees to work better in a highly curated, flexible office space,” said Kevin Lott, managing director of national leasing at Bridge Commercial Real Estate. “Abridge represents a green shoot in the post-COVID office market, and will allow organizations to be positioned for success and remain agile in the evolving workplace.”