IWG, the world’s largest provider of hybrid working solutions with brands including SPACES and Regus, is opening the second Spaces center in the Philippines, along Ayala Avenue in Makati City, in partnership with PNB Holdings Corporation (PHC), a prime-property developer backed by the LT Group, Inc. LT Group, Inc. is one of the leading conglomerates in the Philippines with interests in the airline, beverages, liquor, tobacco, property development, and banking businesses, among others.
The addition of the latest location with PHC will add to IWG’s fast-growing network in the Philippines, as the demand for hybrid working rapidly accelerates. The Spaces center across more than 2,000 sqm, within the Makati Central Business District, is scheduled to open in May 2024 and will include co-working spaces, private offices, meeting rooms, and creative, sustainable spaces for which Spaces is known for. The new center will be IWG’s 33rd location in the Philippines, and the latest in IWG’s global network which covers more than 120 countries and 3,500 locations.
51% of Philippine respondents prefer the hybrid work model, according to PwC. This announcement comes on the heels of IWG’s highest-ever half-year revenue, with the group also adding 400 locations to its global portfolio in the first 6 months of the year. This unprecedented demand from companies of all sizes, and workers looking for hybrid working solutions, means IWG is on track to add 1,000 new locations over the course of the next year.
As hybrid working offers companies a significantly lower cost base, with an average saving of $11k per employee, companies are adopting hybrid work solutions as a long-term arrangement – which could see flexible workspaces constitute 30% of all commercial real estate by 2030. IWG partners who invest in the IWG platform are able to maximize the return on their real estate space by capitalizing on the rapidly expanding demand for hybrid working.
“In the face of changing worker preferences, flexible working arrangements are proving to be a key competitive advantage,” said Lars Wittig, IWG Country Manager for Philippines. “As businesses strive towards greater flexibility, sustainability and productivity through the hybrid work model, IWG is facilitating businesses to make the most of professional and convenient flexible workspaces whenever they need it,” he added.
Rowena Bravo-Natividad, IWG Head of Partnership Growth for the Philippines, also welcomed the announcement, saying: “We are delighted to announce this partnership with PHC, which we expect will transform Makati City into a multifunctional centre for local community life and bring significant benefits to the economy. The alignment of our values was crucial in finalizing this partnership, and we’re confident that this location will help locally based companies and hybrid workers to elevate productivity through unrivalled access to cutting-edge hybrid work.”
PHC President, Karlu Tan-Say, added that the partnership with IWG is a reaffirmation of the company’s commitment to engaging with strong visionary commercial real estate partners to elevate PHC’s existing prime properties to their highest potential.
“This strategic partnership between PHC and IWG not only addresses the surging demand for co-working spaces but also underscores our shared vision of building adaptable, sustainable, and future-ready developments,” said Ms. Tan-Say.
IWG’s multi-brand expansion strategy is designed to appeal to every type of business and entrepreneur. IWG creates personal, financial, and strategic value for businesses of every size, from some of the most exciting companies and well-known organizations on the planet to individuals and the next generation of industry leaders. All of them harness the power of flexible working to increase their productivity, efficiency, agility, and market proximity.