Codevelopment

History

2022: Codevelopment acquired 4,000 sq.m. at a business center in Dubai for 2 billion rubles

On October 20, 2022, it became known that the Russian co-working company Codevelopment bought 4 thousand square meters. m. At the Burj Daman business center in Dubai for 2 billion rubles. It is planned to develop flexible offices there.

According to Kommersant, Codevelopment is headed by Rostislav Bidenko and Gurgen Shekoyan. Previously, they developed a network of coworking spaces CEO Spaces in Moscow. By October 2022, the company has eight flexible offices with a total area of ​ ​ 28 thousand square meters. m. Co-working space in Dubai will be the first overseas office. It will focus on corporate clients.

Russian co-working company Codevelopment bought 4000 sq. m in a business center in Dubai for 2 billion rubles

According to Bidenko, Codevelopment's flexible office at Burj Daman is focused on corporate clients: by October 20, 2022, the company is in talks with Russian companies expanding their business in the Middle East.

Gurgen Shekoyan calls entering the Dubai market for the company an opportunity to diversify the business: this will allow you to start earning in foreign currency, with a lower yield, but more stable. He considers the direction promising due to the growth of average rental rates over the year and the low share of flexible spaces in the office market - 1.5% of the total supply. Nikoliers partner Stanislav Bibik, for comparison, cites the indicators of London, where coworking spaces form 5% of the office market, and Amsterdam (8%). Managing partner of NF Group Alexei Novikov points out that it is precisely for reasons of obtaining foreign exchange income and market capacity that Russian operators are interested in the UAE, where the Space 1 and Grow Up networks have previously reached.

Market participants interviewed by the newspaper consider coworking to be a promising format in the UAE. Larisa Afanasyeva, general director of the Meeting Point network, noted that there is "a potential demand for coworking spaces in the UAE, Turkey and Armenia, where the most Russians have left."^[1]

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