Former WeWork UK Senior Director Hugo Morrissey is Founder and Managing Director
Tenant-only representation specialist Devono has launched Made, a new managed office business founded by former WeWork senior director Hugo Morrissey.
Made is a fully managed, turnkey solution that has the stated strategy of bridging the gap between the traditional leasing and flex markets.
Morrissey describes it as having been designed "through the eyes of the occupier whilst being delivered in a way that enables building owners and those with surplus leasehold space to offer best in class flexible managed office space to the market".
He adds that the "creation of Made provides an incredibly exciting opportunity to provide a product and service that meets the rapidly changing market landscape".
That, he says, responds to commercial real estate dynamics that have shifted significantly in recent years, stemming from a greater need for flexibility and efficiency from real estate.
"Macro influences have sped up workplace change, subsequently influencing key decisions on lease duration, size, quality, and location."
He says Devono research shows that occupiers are taking smaller spaces. The average in 2023 was 6,866 square feet, down 18% from 10 years ago. Similarly, lease lengths of spaces taken in 2023 have shortened to an average 5.9 years.
Occupier appetite for the best-in-class has seen demand for Grade A space increase 70% from 2014 levels. "These trends highlight the increasing appetite for managed office space as clients rightly demand more from their real estate," Morrissey says.
The Made team said it has collectively facilitated the transactions of more than 1,500 office spaces for occupiers and focusing specifically on managed office solutions have delivered over 400,000 square feet of managed space for occupiers over the past 4 years.
Morrissey says the business will curate its own managed office product working closely with clients to understand their brand identity, values, and aspirations. He says it will also provide landlords with a "reliable and quality driven delivery partner".
Morrissey, formerly of WeWork and The Instant Group, is a founding partner and Managing Director of Made.
He spent the past 5 years running WeWork’s UK’s Enterprise business where he said his team generated in excess of $1.5 billion in contracted revenue across 300 client accounts. Prior to WeWork, Morrissey spent 4 years running the corporate accounts team at The Instant Group.
Morrissey said: "The opportunity to create an offering in the market that addresses the clear demand and trends we are seeing is something I’ve been excited about for some time.
"With Made, we wanted to create a product and service that addresses a clear market need. Providing exceptional client service, consistently high standards and attention to detail all the way through the client journey is something I value incredibly highly; it is also fundamental in a competitive and changing market. I want us to be recognised by our partners for this and am very confident in the fantastic team we’ve assembled.
"We are thrilled to bring Made to the market and really look forward to the journey with occupiers, landlords and agents alike.’
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