Simon Ward, outgoing head of Cisco's European and African property division, announced the decision at the British Council for Offices annual conference in Berlin.
Ward--who is shortly to leave to become head of corporate real estate at Deutsche Bank--says his company's spectacular growth and equally swift slowdown proved that flexibility was paramount to modern occupiers. But he dismissed serviced offices as too expensive, calling for an intermediate level of real estate with 'affordable' flexi-leases. Ward called on property owners to create long-term partnerships and include facilities management in deals rather than chase quick profits.
Cisco has taken massive amounts of space around Europe in the last few years, expanding its portfolio to almost 5.5 million sf.
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