In The Loop: IWG’s Profits, Spaces, And More Industry News

Published on June 12, 2021 - By Cecilia Amador de San José

IWG Warns of Profits Drop 

IWG told investors on Monday of this week that it expects its profits to be “well below” last year’s levels. The flexible workspace conglomerate reported over $850 million in losses in the first quarter of 2021, claiming that recovery has been slower than they anticipated due to extended lockdowns and new COVID-19 variants. Despite the drop in profits expected for this year, IWG remains optimistic about its future, stating that it expects a strong recovery for 2022 given that occupancy and enquiries are already improving in some markets.  

Spaces to Open First Location in Estonia 

Coworking company, Spaces, announced this week that it has opened its first Spaces location in Estonia’s capital, Tallinn. The new coworking location, Spaces Rotermann, boasts 2,713 square meters of office space, including a terrace, breakout areas, and parking spaces.  

SquareFoot Acquires Upsuite 

Squarefoot announced this week that it has acquired Upsuite, a marketplace of coworking and flexible workspace offices. Speaking abou the acquisition, Jonathan Wasserstrum said: “By joining with Upsuite, SquareFoot gets another arrow in our quiver; one more tool to deliver solutions to our clients. By joining with SquareFoot, Upsuite gets to leverage our best-in-the-business marketing, technology, and brokerage talent.” 

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