Tallinn

The asset is real estate. The strategy is everything else.

Independent advisory on flexible workspace and commercial real estate, for the people who own it, run it, invest in it and occupy it.

Diagonal shadows across a concrete wall
The offer

One sector. Different perspectives.

01  Operators

Flex businesses under margin, scale or exit pressure

Pricing discipline, unit economics rebuilt from source, expansion structure, and getting the numbers presentable before a sale.

02  Capital

Owners, developers, investors and funds

Underwriting an operator, choosing between lease, management agreement and ownership, and judging whether an underperforming asset is the building or the operator.

03  Occupiers

Companies deciding where and how to take space

Serviced space against conventional lease, what the terms are actually worth, negotiation support, and oversight of the fit-out once it is signed.

How an engagement runs
Standing
Igor Mody

I spent fifteen years running flexible workspace businesses before I advised anyone about them. I know what an operator’s margin actually looks like, which is exactly why I am useful to the people sitting across the table from one.

7×Revenue growth at Workland
2019–2024

A business I ran rather than advised, as chief operating officer and partner.

15Years in flexible workspace and commercial real estate
3Acquisitions completed and integrated
5Markets run, single site to portfolio
Scope

Questions I am usually hired to answer

If you own, run or invest in workspace

QuestionEngagement
Should we acquire this operator, and at what price?Underwriting review
Is the margin problem pricing, or is it cost?Operating diagnostic

If you occupy it

QuestionEngagement
Serviced space or a conventional lease? Which actually costs less?Occupier review
Are these terms defensible, and where will they move?Negotiation support
Notes

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Bring the difficult question.

  1. What is on your mind, and where you are today.
  2. What result or change you are looking for.

First conversations are 45 minutes and cost nothing.
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