MAPP’s clients, including many of the UK’s leading Funds, are incorporating more flex space in their buildings. This drive is to keep their assets relevant by responding to demand, controlling the occupier relationships and gaining direct exposure to the flex market, rather than simply leasing the space to a third party flex operator. Many Real Estate Funds have also seen established operators walk away, or renegotiate terms, as a result of the pandemic and are known to be unhappy with the existing positions.
The Flex by MAPP platform will offer a full service solution to investors and landlords who want to directly benefit from incorporating a flex offering into their buildings and portfolios as opposed to outsourcing to third party operators. Shifting attitudes to remote working and changes to occupiers’ real estate strategies are resetting owner-occupier relations, with demand for more flexible workspace being driven by businesses seeking more agility in both footprint and terms.
Flex by MAPP will support this shift in demand and attitude by providing a direct management platform for clients requiring an investment-grade flexible workspace solution. Flex by MAPP will collaborate with owners to offer services from design consultancy, compliance and data management through to best-in-class operations and amenity provision. MAPP will work with a range of brokers and their clients to drive demand.
It is not expected that the Flex by MAPP brand will be rolled out at property level, as the flex component needs to integrate with the asset’s or portfolio’s appeal, and instead will underpin the offer and augment MAPP’s established property management capabilities. MAPP is confident that having existing resources already dedicated to a building will lead to higher levels of Net Operating Income and smaller or awkward spaces becoming viable as a flex solution.
Prior to joining MAPP, James held the role of Head of Operations at Hana – the flexible workspace subsidiary of CBRE, within the Global Investors division – from its inception in November 2018 through to its recent merger with US operator Industrious. He also spent 13 years at Workspace Group PLC, covering various roles, from Head of Marketing and Lettings to Head of Corporate Development, including developing tech solutions to boost customer relationships and user experience.
MAPP is also working with Rupert Cooper, who has joined as a consultant. Rupert is a veteran in the industry having held senior roles at IWG, where he was Global Development Director and more recently at Shanghai Shimao.
Nigel Mapp, CEO, said:
“Investors and landlords are increasingly looking to blend conventional income with an exposure to flex and operating income. This convergence is necessary to meet the demands of today’s modern occupier and future proof assets. Flex by MAPP will help clients gain direct exposure to the market by bringing together James and Rupert into its leading property management platform, implementing its much talked about V2.0 occupier led approach, and putting sustainability at the heart of everything.”
James Friedenthal, Partner, said:
“MAPP’s people and experience-focused approach to property management means that the firm is extremely well-placed to deliver on the complexities of operating flexible workspaces, tailored with the owner and sensitive to individual assets.
MAPP has also made a significant investment into an industry leading technology platform that will drive the performance of the space, enabling our clients to build exciting flex brands, positive relationships with large occupiers, exemplary service and harness data to improve the customer experience.”