IWG Buys Majority Stake in The Wing
Bloomberg reported this week that “IWG Plc has bought a stake in female focused coworking startup The Wing.” The flexible workspace conglomerate has injected an undisclosed sum into the niche coworking company “to facilitate its growth”. The investment now gives IWG a majority stake in The Wing. The Wing was previously backed by WeWork, however WeWork sold its stake in January 2020 as part of its restructuring efforts to turn the struggling company around.
The Executive Centre to Expand India Footprint
The Executive Centre has announced plans to expand its flexible workspace footprint in India this 2021. The flexible workspace company plans to invest over Rs 100 crore (approx.. $13 million) to set up five new coworking spaces across Bengaluru, Gurugram, Chennai, and Pune. Three of the five centers are already operational; with the other two expected to be operational within the next month. The five additions will bring The Executive Centre’s footprint to 33 workspace centers across the country.
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The Future oi Coworking Is Management Agreements
The sublease model that characterizes the coworking industry has likely come to an end, in part due to the coronavirus pandemic. According to reports, coworking operators that signed long-term leases in CBD areas have been the ones hardest hit by the pandemic. Operators who have focused on partnerships and management agreements with landlords, however, continue to thrive, even during a pandemic, and they stand to capitalize the most in a post-pandemic world.Share this article