Fora plots European and US expansion

Flexible workspace provider Fora plans to expand into Europe and the US, targeting an international footprint of up to 4.5m sq ft. Fora, which currently runs space across central London and Reading, wants to have between 1-2m sq ft across six capital cities in Europe, and up to 2.5m sq ft across six major cities in the US. In Europe, co-founder and chief executive Enrico Sanna said Fora is targeting Berlin, Frankfurt, Munich, Paris, Milan and Dublin. In the US, the company is eyeing Boston, New York, Washington, Chicago, Los Angeles and San Francisco. Fora has traditionally bought most of its real estate. But Sanna said as the company focuses on international expansion, it will be “heavily skewed” towards a new operating model, managing the space on behalf of landlords. “As we go beyond London, we’re talking with a number of real estate owners about becoming the partner of choice to provide the flexible offering in [their] portfolio,” Sanna said. He added that the company was originally looking to open workspaces in Milan and Paris by the end of the year or early 2021, but is now reviewing timescales in light of the impact of coronavirus. “There were still situations where building works had stopped for a number of months, but I’m hoping to start planting flags outside of the UK next year,” he said. The company is looking to grow its presence in London too. Fora’s flex office footprint in the city stands at 700,000 sq ft, which Sanna said he wants to grow to 1.2m sq ft without “cannibalising our existing business”. In terms of the timescale for this expansion, he said: “I’ve always been about quality over quantity. If it takes us three years, it takes us three years. If it takes us two years, it takes us two.” He said the company will aim to buy space in the capital as it has traditionally done. “I would love to continue to own real estate, [but] it’s a very slow burner, you need to raise the money and buy the assets, and more importantly, there’s some great assets out there that you’re never going to get your hands on.” Sanna said that the company is “well equipped” to withstand the fallout from coronavirus, with a “very strong balance sheet” and a “strong investor group” supporting the business.  A number of investments have been made to ensure Fora’s existing workspaces are prepared for workers to return, including the installation of thermal cameras across all sites to measure people’s temperatures before they enter a building. To send feedback, e-mail lucy.alderson@egi.co.uk or tweet @LucyAJourno or @estatesgazette