Bermuda’s most flexible workspace is making progress towards transforming the island's professional landscape by filling nearly all of its 22 Queen Street office spaces in only two months.

“We launched April 1 and now end of May, two months in, and we’ve had good traction for smaller spaces,” said Christian Petty, co-founder of Altura.

He said the workspace offered a unique solution for businesses navigating the post-pandemic work environment. All 11 private offices are occupied, as well as 12 suites.

“We live in a very free flowing, relaxed work environment compared to New York City,” Mr Petty explained. “Bermuda has a different approach to work-life balance.”

The tenant mix is diverse, ranging from entrepreneurs to established financial firms. One standout success story involves a start-up that began with only two employees and has already grown to ten, with projections to reach 15 staff in the next three months.

Tenants include insurance companies, cybersecurity firms, relocation agents and trust companies. The spaces are designed to accommodate businesses at various growth stages, with membership options ranging from hot desks to private suites.

“We found that need in the market,” Mr Petty noted. “A lot of companies and teams wanted to downsize. They didn’t need permanent space that they wanted to maintain on a 24/7 basis.”

The name “Altura” itself reflects the company's vision. In Spanish, it means “height” or “growth”, symbolising how businesses can evolve within the space, potentially moving from hot desks to dedicated spaces as they expand.

The workspace arrives at a critical time for Bermuda's office real estate market. Mr Petty is predicting a shift in how companies use commercial spaces. “I actually think we are [seeing changes]. We have too little right now. We have an immense demand for suites and offices,” he explained.

He predicts a future where “three companies split that floor” rather than single tenants occupying entire buildings, a trend he sees emerging across different areas of the island.

Beyond its workspace offerings, Altura is exploring innovative partnerships and services.

“We would like to get catering services integrated into our platform,” Mr Petty said.

“If you book a meeting room, you can book those catering services through our online platform. Make it seamless for any company.”

The space also has potential for broader community use, with plans to host events such as World Cup parties and make the most of its versatile spaces. “We have projectors that are full screen,” Mr Petty noted.