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The company has recently signed an agreement with US brand HQ to open centres in India. IWG currently operates 100 centres in India and it is not in the top 10 market for the group.
With aggressive expansion plans, India is expected to be among the top 5 for IWG.
“As we pick up momentum, we will be looking at a larger network in India, we will be targeting newer cities. Expansion is our focus right now and we want to have more dots on the map and more choices for customers spread across each city,” said Harsh Lambah, Country Manager India and Vice President – Sales, IWG.
IWG has close to 4000 centers globally and it added about 800 new centers to a network last year.
“We started in India with Regus. We have Spaces and we have now brought in HQ this year. After COVID, we saw what was happening in terms of the world of work, we saw a lot of people working from home and not coming back to work. We felt that was a key opportunity for us to build, vibrant and productive workspaces close to their place of residence. So we start looking at opportunities in suburbs of cities. And we were really happy to find opportunities in Bangalore where we opened up two of our HQs right now,” said Lambah. It has plans to open more HQ’s in suburban areas of major metros and in Tier 2 and Tier 3 city.IWG works closely with commercial property owners and developers to revitalise traditional spaces. Almost 95% of IWG’s new locations involve partnerships with property owners and investors to establish workspaces.
With an annual investment of around £50m ($64m) into its technology platform, IWG provides partners with access to all the company’s expertise as well as design and fit-out support and sales and marketing capabilities.
Southern cities like Bengaluru, Hyderabad, and Chennai have become key Global Capability Centre hubs, with Bengaluru and Hyderabad together leading the GCC leasing activity at a cumulative share of 60% from 2020 to 2023. Chennai saw a 2.4X surge in 2023, while Pune and Mumbai witnessed over 1.7X growth compared to 2022, a new report by Colliers.
Demand for workspaces in the city has performed strongly, with the number of enquiries for space in IWG locations continuing to increase sharply over 2023. With explosive market growth as companies of all sizes adopt hybrid working for the long-term, it is predicted that 30% of all commercial real estate will be flexible workspace by 2030. Hybrid working offers companies a significantly lower cost base with an average saving of £9,000 ($11,000) per employee.
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