IWG Signs Agreement for New HQ Location in Augusta
Tuesday, September 19th, 2023
International Workplace Group (IWG), the world’s largest flexible workspace organization with over 3,300 locations across 1200 cities worldwide, recently announced the signing to open a new flexible workspace in Augusta, Georgia. As a result of the growing demand for flexible workspace, accelerated by the COVID-19 pandemic, IWG is poised for significant growth in both suburban and urban markets across North America. This prominent partnership is an important step as IWG expands its footprint in the region.
Best known for being the host of the Masters, Augusta will now also be the home of an HQ center! The building has been stunningly renovated with unique features such as a skylight, vaults converted into private offices, offices with Juliet-style balconies and terrazzo flooring.
“Augusta is one of the largest cities in Georgia that borders South Carolina and continues to grow rapidly,” said Wayne Berger, CEO of IWG Americas. “We are thrilled to be bringing the city access to more high quality flexible workspaces.”
Currently 42% of the U.S. workforce is working remotely on a full-time basis, and the global flexible workspace industry is projected to nearly double in size, from $7.97 billion to $13.03 billion, by 2025. According to JLL, by 2030, 30% of all commercial office space will represent flexible workspaces, whereas today, it is less than 4%.
“The flexible workspace industry is growing exceptionally fast,” said Wayne Berger, CEO of IWG Americas. “The pandemic forced most people to work from home for two years, creating a monumental shift in how employees want to work moving forward, and how companies are supporting their employees and their bottom line. People want flexibility, and progressive companies understand the financial and operational advantages of moving a percentage of their real estate portfolio from a traditional lease model to flexible workspaces. This signals that flexible workspaces and coworking are the future of the global work environment, and IWG offers investors an exciting opportunity to get in now while there is still room.”
IWG offers four flexible workspace concepts under its umbrella to match every kind of business, work style and price point, including professional workplace brand Regus, creative workplace brand Spaces, hassle-free workplace brand HQ and luxurious workspace brand Signature.
With over three decades of experience, IWG has fine-tuned its business model to optimize revenue and provide landlords, business investors and property management companies with an attractive opportunity.
“As opposed to a traditional capital lease, landlords can sign a partnership agreement with IWG and invest the capital in converting the space into dynamic and productive flexible workspace, earning operating income from day one, a higher return on net assets and increased flexibility,” said Berger. “For business investors, IWG represents a unique opportunity to enter the booming flexible workspace industry, which offers wide open territory availability, low start-up costs, simplified operations and more.”
The new signing in Augusta is the latest addition to the IWG footprint, expanding rapidly as it capitalizes on the fast-growing demand for flexible workspaces. The team plans to open several more locations in the region.
“The world is seeing a complete renaissance of the workplace,” said Berger. “90% of employees want to work in a flexible way, 88% of companies have instated flexible arrangements and 50% of employees say they will leave their job if they can’t work flexibly. We’ve been a big part of that evolution, and we are excited to continue expanding in markets across North America, from big cities to small towns.”
Looking ahead, IWG aims to add 1,000 new locations in North America a year as it continues to attract a variety of landlords, business investors, property management companies, banks and asset managers.