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Network slicing is an emerging area of research, featuring a logical arrangement of resources to operate as individual networks, thus allowing for massively customizable service and tenant requirements. The focus of this paper is to present the design of a flexible 5G architecture for network slicing, building on SDN and NFV technologies as enablers. More specifically, we place the emphasis on techniques that provide efficient utilization of substrate resources for network slicing, ultimately optimizing network performance. The key areas of consideration in our architecture revolve around flexible service-tailored mobility, service-aware QoS/QoE control as well as network-wide orchestration.