Regus Cyprus to open new property in Nicosia

Regus Cyprus, the operator of two business centres with fully equipped offices providing ‘workplace solutions’ in Nicosia and Limassol, is looking to set up a new centre in the capital early next year.

The new Regus property, with some 1,100 sq.m. in total office area available for rent, is on the busy

Cyprus Area Director Angelos Loizou, told the Financial Mirror that the new location will be ready by January or February and that is why Regus is also seeking to recruit a general manager for all the Cyprus operations.

Ever since the role and responsibilities of the Area Director changed, in accordance with Regus structure worldwide, the new general manager will basically be in charge of sales and looking after the needs of the Cyprus business, while local operations managers at each location will be looking after their clients on a daily basis.

“Business is doing well,” said Loizou, adding that “there is great interest for office from serious companies rather than individuals.”

Some good names include Lloyds TSB Offshore Ltd., international media organisations and many in the financial services sector, some of which are licensed by the Cyprus SEC to operate in Cyprus.

Employing seven staff with two Operation Managers (Popi Tziapoura in Nicosia and Despina Kyprianou in Limassol) looking after the day-to-day needs of clients in Nicosia and Limassol, the company enjoys a turnover of CYP 420,000 (EUR 718,000).

Possibly acting as a benchmark for the whole economy, Regus Cyprus is constantly attracting corporate accounts with both centres, offering 29 offices in Nicosia and 23 in Limassol, currently full.

The advantage of the new property in Nicosia will be that it will offer 1,100 sq.m. on one floor with ample underground parking that provides tremendous synergies with state-of-the art equipment and facilities. The present centre in Limassol is 900 sq.m. on one floor and the Nicosia Eleneion centre is spread over three floors.

“We are completing our learning curve,” said Loizou, adding that since Regus was first established in Cyprus more than two and a half years ago, many new factors have come into play such as EU accession and the effects on taxation, legislation, VAT and accounting.

“From offices with large number of workstations we are providing many smaller offices with fewer workstations. On average, there are 3-4 people per office.”

One of the new services on offer at the Regus Cyprus centres is the Hot Desk which is ideal for visiting consultants, while a new international airport-based service which is underway at selective airports and is being administered in association with some airlines (Lufthansa, United) is currently being discussed with Cyprus airports operator Hermes Airports.

Since it was first established in Brussels in 1989 by entrepreneur Mark Dixon who saw a need for fully equipped business centres, the Regus network currently spans across 950 locations in 400 cities in 70 countries, serving some 200,000 clients daily with a full range of products and services, including Virtual Office, meeting rooms, office space rental and network access.