IWG is hoping that shifting to smaller, local workspaces could help it recover as it emerges from the pandemic.
The fallout of the pandemic has led the company to suffer from low occupancy levels and earnings.
However, it has now signed 20 new franchise partners in the first half of 2021 that will add over 110 locations to its portfolio. These new shared offices will be located in areas like India, Malaysia and the U.S., with an emphasis on smaller cities.
This expansion will be financially favorable to IWG, as the franchise partners will be the ones to invest in the centers.
“Companies are indicating that hybrid work is here for the long term,” IWG said in a statement. “This demand has been driven by a desire from employees to live and work locally.”