FRANCHISEFOCUS
Flexi-time IWG has the flexible workspace market cornered F
lexible working is growing rapidly, with IWG’s continued expansion across its operating brands, seeing
another 156 new locations opening in 34 countries around the globe. From Perth in Australia to Paris in Europe, the first half of 2019 has seen more rapid growth from IWG’s flexible workspaces brands. A report by consultancy firm The Instant Group found demand for flexible workspace globally increased by 19 per cent last year, stating that the growth in the supply of flexible space was ‘the number-one story’ in commercial property markets around the world. John Williams, head of marketing at
The Instant Group, puts the growth down to two factors: a change in how large companies were operating – specifically in relation to flexible working practices – and changes to the nature of the workforce itself. He says: “It’s a mixture of the increase in the contingent workforce – consultants, one-man bands, and startups – and the fact that larger companies now work in a more agile way.
"IWG is continuing to expand into more developing markets"
“Businesses are now keen to offer their
employees more choice in where and how they work and digital technology enables them to work anywhere.” A reluctance by major companies to sign long-term lease agreements in order to stay financially flexible was also a driver. “Corporates are less keen now on signing lease agreements for the long term as business cycles have become shorter since 2008 and companies have had to become more agile to adapt to this change. This means being able to grow, and contract, quickly rather than be tied to one space for 10 years or more.” Despite the rise in flexible workspaces, much of this footprint is still concentrated
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on the world’s major ‘global' cities according to the report, with New York and London taking up the lion’s share of such available sites. Despite this trend, IWG’s portfolio of operating brands is continuing to expand into other growth territories, too. Since the turn of the year it has established new office space in places such as Braga, Bilbao, Rennes and Gdansk, and, in the UK, hubs such as Huntingdon in Cambridgeshire. When it comes to the nature of the
workforce driving the change in working practices, many might perceive that it centres on the creative sector, with visions of young app developers in casual clothes looking to avoid what they might feel to be a more traditional, perhaps even ‘stuffy’, nine-to-five office culture. But, according to John, this is not what their research has found. “There is a misconception that it is millennials who work in the creative or tech industries that are driving this change. This is not the case at all,” he says.
“We find in the US and UK, it is actually financial services and professional services organisations who are using flex space more than tech companies. “It is larger companies taking bigger requirements of flexible workspace that are among the fastest-growing segments of the flex workspace sector.” Although relatively nascent as a trend
in the commercial rented sector, with five per cent of the total office market, John suspects flexible workspace will make up 40 per cent of the market in the next decade. IWG offers franchise opportunities within this undoubted growth market in territories across the UK. For more information get in touch via the details below. l
IWG Flexible workspaces
franchise.iwgplc.com
franchise.UK@
iwgplc.com
Investment level: £POA
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