International Workplace Group (IWG) is open to bringing in more brands from its portfolio, while seeking to increase the number of centres in India from 120 now to 250, within 36 months. The multinational, which operates out of over 120 countries with over 3,000 locations and more than 1,000 cities across the world, has two of its portfolio brands Regus and Spaces in India and sees co-working spaces as a big unfolding business.

Harsh Lambah, Country Manager, IWG, during an interaction with BusinessLine said, “We are bullish on India and on course to more than doubling the number of centres over the next three years, as we tap into some select Tier II cities.”

The growth in co-working spaces has been at a rapid pace in India and projected to play a much bigger role for not only start-ups but also established corporate houses seeking to expand their business and firms seeking to bring down their real estate costs.

“Tier II cities are the next growth centres for a player like IWG and projected to be a huge unfolding opportunity. Real estate accounts for the second largest spend for corporate entities after people cost. Therefore, there is growing demand for such spaces as they offer flexibility,” he said. The company hosts about 50 per cent of Fortune 500 companies and their arms across various locations globally.

Lambah said the category of co-working spaces has widened, the number of start-ups has been growing and there is growth of the millennials, too. The industry has gathered momentum and there is likely consolidation as well.

Regarding acquisitions, he said “We are open to doing so but it has to be the right fit. There is preference for inorganic growth as we have the flexibility to design the way we would like the facility to be.”

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