IWG is expanding its franchising model in Hong Kong through its coworking brands Regus and Spaces.
The company currently has five Spaces locations and 14 Regus locations in the city and is hoping to further expand its network through cluster franchising.
โUltimately the goal of the franchise programme in Hong Kong is to build out our national network of locations in a city that has huge potential but which weโve barely covered so far,โ said Nigel Barnes, IWGโs vice president of development in Asia Pacific.
The franchises in the city, which will be sold in geographic clusters, will allow holders to develop in each location using IWGโs brand, marketing and infrastructure.
The firm has been using its franchising model as an easy way for investors to access the serviced office sector.
Hong Kongโs leasing rates are some of the highest in the world, but the company reported a revenue of ยฃ368 million last year.
The Hong Kong franchise expansion follows the news that the company is in talks with buyers in Singapore, as well as its deal that sold its Japanese business to Tokyo-based TKP Corporationย for ยฃ320 million.
