IWG snaps up WeWork office spaces in London and New York – ET RealEstate

BENGALURU: Office space provider IWG is set to open eight new shared-office centres in locations including London and New York, five of which were previously operated by its U.S.-based rival WeWork, as it seeks to meet the growing need for flexible work spaces. Two of the former WeWork properties are located in Kensington, London, and […]

IWG triples number of new shared-office spaces in H1 2021 – ET RealEstate

Representative Image BENGALURU: Britain’s IWG has added more than 100 shared-office spaces to its global network this year, three times as many as in the first half of 2020, as it anticipates a lasting shift from working in large offices. The company has struggled with plummeting occupancy levels in office buildings and last month said […]

IWG forecasts profit in 2021 will be well below crisis-hit 2020 – ET RealEstate

BENGALURU: Office space provider IWG warned on Monday that its 2021 core earnings will be well below last year’s crisis-hit level as continuing curbs in some markets and new COVID-19 variants derail recovery, sending its shares as much as 16% lower. The grim forecast in an unscheduled trading update underlines the challenges facing an industry […]

IWG says sees ‘unprecedented demand’ for hybrid working options – ET RealEstate

BENGALURU: Office rental firm IWG Plc on Tuesday said it has witnessed “unprecedented demand” for its flexible work products, suitable for a combination of office and remote work that has become the norm during the COVID-19 pandemic. The pandemic has reshaped the office space sector as employers opt for shorter leases and more employees work […]

Office space provider IWG to shut more underperforming centres – ET RealEstate

BENGALURU: Office space provider IWG on Tuesday signalled that it will shut more underperforming centres as the market recovery from the coronavirus pandemic was taking longer than anticipated, but said it was seeing increased demand for hybrid work. The pandemic has caused a radical change in the office space sector as employers opt for shorter […]

Co-working spaces see 80% demand recovery – ET RealEstate

BENGALURU: Co-working companies are seeing a revival in interest after a pandemic-hit year as some companies — mostly small and medium enterprises — slowly bring some employees back to office. Occupancies in the first two months this year have been about 80% of the year-ago period, while average occupancy is about 50%. Companies say that […]

IWG’s revenue fell 10.2% to $754.38 million in Q2 FY21 – ET RealEstate

BENGALURU: British office space provider IWG said on Tuesday it has started to see some improvement in its sales activity and highlighted increasing interest in flexible working as companies address how their employees will work in the future. The owner of the Regus brand said the advent of further potential pandemics and the need to […]