portfolio company Workland
, a fully serviced offices and coworking centers group, is expanding its network by taking over two strategic UMA locations in Tallinn and in Vilnius. With the acquisition, Workland Group will secure its position as the market leader in the Baltics, offering unique coworking and office space solutions in all Baltic capitals.
According to Workland founder and chairman of the board Indrek Hääl
, expanding the network of centers is a logical step in the current market situation. “Demand for coworking centers and fully serviced offices is growing, primarily owing to the flexibility and cost-effectiveness it offers to the clients.”
With the transaction, Workland secures its position as the market leader in the number of workstations in the Baltics. As a result of the acquisition, nearly 450 workstations will be added to the current 1,200 in Estonia, Latvia and Lithuania, which will lead to a 40% increase. The acquired centers will start to operate under Workland brand.
The increasing popularity of the coworking centers has been significantly influenced by Covid-19 related changes in working life. “Coworking centers allow the tenant to pick a suitable contract period, select the number of desks according to the changing needs and the growth rate of the business. This enables to successfully combine home and city office while optimizing the costs for teams that work partly remotely,” Hääl explained.
Forecasts indicate that 30% of all office space will be consumed flexibly by 2030. “In 15-20 years, this number could even be higher, the pandemic has significantly accelerated it. Never before have we seen such a rapid increase in interest towards Workland services as in the last year,” says Hääl. “As a next step, we are developing a collaboration model with commercial building owners and developers to expand even more vigorously and bring a flexible office concept solution to every major commercial building.”
BaltCap backed Workland Group is the largest network of coworking spaces in the Baltics with 10 centers – four in Tallinn, one in Riga, four in Vilnius and one in Kaunas. Workland’s mission is to provide inspiring workspaces on flexible terms with professional support services and a community that supports the company’s growth.
Additional information:Šarunas Alekna
Partner, BaltCap Private Equity Fund II
Phone: +370 6868 firstname.lastname@example.org
**Photo credit: Workland; Christin Hume