What exactly do commercial property tenants seek when considering a change of address? The reasons are manifold, and to provide a concrete example from a recent case, the editorial team at REsource spoke with Daniel Magalhães, one of the founders and the current CEO and CPO (Chief Product Officer) of Virgo. The company inaugurated its new headquarters this Monday (28).

Virgo operates as a fintech, specializing in financial solutions for the capital market, and was previously housed in a 280-square-meter space within a commercial office building in the Itaim Bibi district. However, this week, the company has opened its doors at a new location, occupying over 600 square meters within the premium River One property, an A+ asset situated alongside the Marginal Pinheiros, in São Paulo city.

Over the past years, Virgo has witnessed a substantial surge in its workforce, expanding from just over 30 to nearly 115 employees. According to Magalhães, a renovation had already taken place in 2020, aimed at creating a workspace without designated desks, fostering greater collaboration zones and spaces for interaction at their previous location. "We were nearly 100% remote, with the office reserved for weekly interaction. We had to limit the office areas per day due to space constraints."

In addition to the shortage of room for additional positions, Virgo's CEO highlighted other limitations of their former space. "We were situated in a building without a balcony, lacking convenient access for service providers, and without facilities for those who wished to commute by bicycle."

From late 2022 onwards, the company had been reevaluating its work model. "We had already done away with meeting rooms to accommodate more team members and were contemplating how convenience impacts operations, facilitates cultural dissemination, and addresses spatial and equipment limitations. Hence, in April of this year, during a board meeting, we concluded that to embody the desired pace, culture, and strategic attributes for our employees, we needed a larger workspace", explained Magalhães.

The company had been mulling over the new office concept since late 2022. "We had already eliminated meeting rooms to accommodate more employees, and we were considering the extent to which convenience contributes to efficient operations, aids in cultural propagation, and addresses space and equipment limitations. Consequently, in April of this year, during a board meeting, we reached the consensus that to infuse the desired momentum, culture, and strategic attributes into our team, a larger workspace was imperative", Magalhães elaborated.