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Flexible workspace management company, Covalt, has formally launched to market, with over 100,000 sq ft of office and amenity space already under management.
Covalt was founded by former Cushman & Wakefield flexible workspace executives, Calum Russell (CEO) and Dave Moran (COO), as well as Julian Arlett (CFO) from luxury hospitality group Habitas. Combined, the team has more than forty years’ experience across the flexible workspace and hospitality sectors, having previously worked for the likes of NewFlex, Hilton, easyHotel, De Vere Hotel Group and the Malmaison & Hotel du Vin Group. The team will draw on this unique experience, bringing hospitality style-service and amenities to flexible workspaces.
Covalt offers owners, landlords and investors a start-to-finish management service for flexible workspaces, covering everything from branding and design through to fit out and community management.
Whether taking over an existing flexible workspace or developing a bespoke proposition, Covalt says it looks to offer improved returns and is the market’s “first genuinely white label service”, enabling landlords and investors to retain an existing brand or develop their own flexible workspace offering.
Covalt has already signed agreements with major industry players and has similarly ambitious growth plans. Within the next five years, the company aims to have over a million sq ft under management and a minimum of 30 centres, mainly across London and the South East, but targeting key cities including Bristol, Birmingham, Manchester and Leeds.
Covalt’s launch comes amid soaring demand for flexible office space, with the global flexible space market anticipated to grow by 17 per cent between 2020-28, according to the Global Flexible Space Market Outlook 2028 report.
Calum Russell, CEO of Covalt, said: “The operator model for flexible workspace is ready for change. We offer a true white label service and balanced management agreements that are structured to work for the benefit of all parties. I believe this is what the industry has been looking for.
“Landlords are increasingly aware that their portfolios need to better reflect the needs of occupiers. There’s been a rapid evolution in expectations from clients with many now aspiring to work in spaces that draw their inspiration from hotels, offering world class design, fabulous amenities and great service. Our mission is to not only drive forward the transformation of how office space is delivered but also to make the relationship with landlords more open and transparent.
“Repeated interest rate hikes have saddled some landlords with increasing debt. This means there is a major opportunity for Covalt to roll out a service that can help drive up occupancy and increase returns. More broadly, flexible workspace is a sector in demand, and all the signs point to continued growth – we believe it is the right time for an offer like ours.”
