Hysan, IWG partner to operate flexible workplaces in GBA
The joint venture will operate all 32 existing locations under IWG across the Greater Bay Area.
Hysan Development Company Limited and IWG plc have formed a joint venture with exclusive rights to operate IWG brands in Hong Kong as well as other cities in the Greater Bay Area (GBA).
The joint venture will buy and operate all 32 flexible workspaces, under the IWG brand, across GBA. It will also continue the expansion, in light of the growing workspace market in the region.
“We are pleased to expand our business into GBA through this strategic joint venture with IWG,” Hysan Development Company COO Ricky Lui said.
“The workspace ecosystem is fast evolving to better meet end users’ needs and expectations, and flexible workspace will play an important part.”
The joint venture comes as the demand for flexible workspaces grows amidst the application of business technology and the adoption of a work from home setup.
Businesses of all sizes are increasingly recognising that they can attract and retain the best talent, as well as benefit from lower operating costs, by shifting to a hybrid work model.
IWG is amongst the largest flexible workspace platforms globally with renowned brands, such as Regus, Spaces and Signature. Meanwhile, developer and landlord Hysan has over 2 million square feet of prime office space in Hong Kong.
“In the wake of the pandemic, we are seeing record levels of demand as companies embrace hybrid work and rethink their real estate strategy,” Mark Dixon, founder and CEO of IWG plc, said.
“We expect the combined strengths of the JV partners to provide a compelling solution for our customers.”