Regus' 19th Business Center in Manhattan Asserts Rising Demand for Flexible Workplaces

Regus to invest in new Midtown location at 590 Madison Avenue

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Sep 01, 2010, 08:00 ET

NEW YORK, Sept. 1 /PRNewswire/ -- Regus, the world's leading provider of innovative workplace solutions, has opened a new, full service business center in the heart of midtown Manhattan at 590 Madison Avenue amid signs of economic recovery in New York City.

A report on second quarter office vacancy rates from New York-based research firm, Reis Inc., revealed office vacancies across the U.S. continue to climb and reach 17.4 percent -- the highest levels since 1993.

Figures for New York City, included in the report, contrasted the national numbers. Second quarter office vacancy rates came in at 11.5 percent for midtown Manhattan and close to 10 percent for lower Manhattan, well below the nationwide statistics.

Analysts conclude five months of employment growth in New York City is among the factors fueling the business confidence that is returning to the nation's largest and most expensive office market.

"As business activity gains momentum in New York City, Regus is experiencing an increased demand for our flexible, cost-effective workplaces," said Donna Scott, Regus' East Region Vice President. "There are positive indicators suggesting New York City is emerging from the lows of the financial crisis and businesses want to be ready to take advantage of new opportunities that come their way," added Scott.

As a result of strong demand for its solutions, Regus plans to enter new neighborhoods in Manhattan extending their footprint to more than 20 locations by year's end.

"Cost control remains a key concern for businesses as the economy regains its footing," said Scott. "We have proven to be an affordable workplace alternative with more amenities than traditional office space, which is particularly important in a high priced market like New York City."

Regus' business center at 590 Madison Avenue is located on the 18th floor of the IBM building at the corner of 57th and Madison Avenue and offers fully furnished and equipped private offices, meeting rooms, videoconferencing services and a business lounge.

Clients can also join the company's Businessworld Membership program, which provides business travelers access to Regus' global network of 1,100 locations worldwide.

About Regus

Regus, the world's leading global provider of innovative workplace solutions with 1,100 locations in 500 cities and 85 countries, offers products and services ranging from fully equipped offices to professional meeting rooms, business lounges and the world's largest network of video communication studios.

For more information please visit www.regus.com.

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