Regus’ holding company, IWG, share price fell this morning after the company warned profits would be lower than previously expected. According to a City a.m. article, “the UK-listed flexible workspace blamed a ‘weak performance’ in the UK, along with an expansion drive which has caused higher costs.”
The Indonesia-based coworking operator, EV Hive, announced this week that it is rebranding as COCOWORK. The news comes shortly after raising $20 million to power its growth and expansion plans. The name, according to a press statement, “derived from the words community, collaboration, and workspace, which reflects its (the company’s) commitment to its core premise as a coworking space.”
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Asia is one of the fastest growing flexible workspace markets. The Singapore Business Review reported this week that the demand for serviced workspaces in Singapore has seen a 48% increase this year and that the number of centres in North Singapore alone jumped by 33%. Though desk rates continue to be lower in the area compared to other cities, the Singapore market is expected to continue growing.