Office Space News
Regus expands in Latin America
Published December 1st, 2008 by Jennifer LeClaire
Latin America is a booming market – and the serviced office concept is making strong inroads there.
The Regus Group is expanding its growth opportunities in Latin America. Regus last week said it would extend its executive office suite footprint in the region with the opening of its first business center in Asuncion, Paraguay’s capital and largest city.
OfficeOne, a smaller competitor, recently announced plans to open up a serviced office center in Argentina. It seems while the world economy is still shaky, there are bright spots in the world and in some commercial market sectors. Latin America and serviced offices are a strong fit in the current climate. Thanks to a booming agricultural business there that is exporting soybeans, cotton and beef, Regus reports increased demand in the Paraguay from customers assessing business opportunities.
“Regus’ fully furnished and equipped business centers enable companies to easily and quickly establish a presence in a new market with minimal risk or upfront investment,” says Mark Dixon, Group Chief Executive at Regus.
“This is particularly beneficial when businesses are setting up branch offices in emerging markets like Asuncion. We are confident that our ready-to-use office space will appeal to local entrepreneurs as well as multinational corporations.”
The Regus Asuncion center will be located at Citicenter, a Class A structure that is widely recognized as the premier building in Asuncion’s Villa Morra business and residential area. The center will feature private offices, a conference room as well as a professional business lounge for drop-in clients who want to remain productive while on the road.
Argentina and Brazil are among Paraguay’s top partners for trade. Regus’ established presence in the two countries will make business travel easier for individuals who will be conducting business across the three nations. In addition, Regus’ Miami-based clientele has expressed interest in our new market. This strategic positioning puts Regus in a prime position for continued growth in Latin America now and as the economy recovers.
“Given the current economic downturn, Regus’ workplace model is a more attractive option in terms of flexibility and lower costs,” Dixon says. “With the choice to sign an agreement for six months versus five years, our clients are taking on the right amount of space for the right term.”
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Melanie Jones December 1st, 2008 at 6:58 am
This is great news for the serviced office market. It demonstrates strength while other sectors of commercial real estate are weakening. In fact, the executive office suite concept can help buoy commercial properties by leasing floors, adding the value-added propositions and releasing them under their banner. This is good news for the entire commercial real estate industry.
Rob Zeus December 1st, 2008 at 7:52 am
Serviced office providers everywhere should rejoice. Regus’ announcement is bringing more visibility to executive office suites. Dixon spells out the benefits of office rentals succinctly, and those benefits aren’t exclusive to Regus. The appetite for six-month leases will only increase in this market and Regus seems poised to play this out for all its worth. The only danger is expansion that happens too quickly. All of this space/occupancy has to be sustained when the market rebounds.
Elizabeth Sanchez December 2nd, 2008 at 7:11 am
You have to wonder, with the success of Regus in this market, will commercial office building owners begin to woo serviced office providers in a greater way? Or, will commercial office building developers begin to form their own executive office suite brands and compete with the Reguses of the world? I’m sure commercial stakeholders are watching the virtual office space closely these days.
Bill Brookshire December 3rd, 2008 at 7:49 am
I see a lot of synergy here between Latin America and Miami on the office rental front. It’s been said that Miami is the gateway to Latin America — and so it is. Executive office suite providers who do their homework could offer serviced office sites strategically in South Florida and various regions in Latin America to serve their traveling clients. OfficeOne is already doing this, with one serviced office in Aventura and another in Argentina. Regus is doing this, too. It’s a smart move.