Co-working company International Workplace Group (IWG) sees India as the third-largest market

International Workplace Group (IWG), a global hybrid workspace platform with brands including Regus and Spaces, aims to become India's third-largest co-working centre provider within three to five years. The company currently operates 105 centres in India and plans to add 40 more this year. Regional CEO of Asia-Pacific and Middle East & Africa regions for IWG, Mr. Marc Descrozaille, said India is among the top 15 countries for IWG regarding the number of centres. However, he believes India has the potential to be in the top three within the next few years. To achieve this, IWG plans to add another 300 centres. In 2024, IWG achieved record network growth with 899 new centre signings and 624 openings globally. The company returned to profitability with Rs. 4,786 crore (US$ 557 million) EBITDA and reduced net debt to Rs. 6,118 crore (US$ 712 million) from Rs. 6,659 crore (US$ 775 million). Globally, IWG's 4,000 workspaces span over 120 nations. Regarding the number of centres, India is the fastest-growing market in the Asia-Pacific region for IWG.
The uncertainties caused by global economic conditions are expected to drive companies to focus on their core business and opt for flexible workspaces, which could benefit the co-working industry. He explained that when there is economic uncertainty, companies typically focus on their core business, such as manufacturing, trading, marketing, or IT. Investing in or renting offices is not their core business, making flexible workspaces an attractive option. This trend is expected to support the growth of co-working centres in India and globally.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.