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After a challenging 2017, in which a slower market and uncertainty over Brexit caused company profits to fall by 14%, office space provider IWG has met 2018 head on with some innovative new options for expansion and growth, and is planning to spend £190 million on 230 offices in the coming months.
The flexible office sector has become somewhat saturated in recent years, particularly with powerhouses such as US firm WeWork entering the UK market. Indeed, property advisory firm JLL has predicted that the proportion of flexible workspaces included in businesses’ office portfolios could reach 30% by 2030.
Mark Dixon, Chief Executive at IWG, explains; “We’re seeing very strong demand for what we do as the industry becomes more mainstream”.
In a bid to keep up with this market demand and improve its competitive status moving forward, IWG has launched a new, trendy series of offices called Spaces, which focuses on co-working for businesses preferring a more collaborative culture. This huge expansion and evolution into relatively new territory should make 2018 a far more positive year for the company.
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.