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Here’s what you need to know today:
- The Executive Centre Acquired by U.S.-led Consortium
- IWG Capitalizes on Hybrid Work with Multiple Suburban Franchise Deals
- Balancing Remote Culture with Traditional Collaboration in the New Future of Work
The Executive Centre Acquired by U.S.-led Consortium
The Executive Centre, a leading flexible office brand in Asia Pacific, has been acquired by a consortium led by U.S. investment firm Kohlberg Kravis Roberts and Singapore’s Tiga Investments.
The deal comes as demand is expected to rise for coworking and flexible office space as the Covid-19 pandemic is brought under control.
The Executive Centre operates more than 150 flexible office and conference spaces across 32 cities, including in China, Japan, South Korea, Southeast Asia, Australia and India.
The Executive Centre CEO Paul Salnikow, who founded the company in 1994, said in a news release: “It’s a powerful partnership, well matched to drive the continued performance and growth of TEC.”
S.J. Lim, a KKR managing director, said: “Flexibility will be key in companies’ future workplace strategies. We believe The Executive Centre is well placed to capture new growth opportunities and build on its longstanding leadership position in Asia’s premium workspace segment.”
IWG Capitalizes on Hybrid Work with Multiple Suburban Franchise Deals
In line with the expected rise in demand for flexible office spaces located in areas away from city centers, IWG has signed multiple new franchise agreements in the London suburbs.
This gives commuters the chance to work closer to home long-term, and to pursue a more flexible, hybrid work arrangement.
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Demand for some suburban IWG workspaces has surged by as much as 200 per cent.
The new deals focus on outer city commuter zones in London, where 15 new centres are now set to open across the North, South and East of the capital.
Julian Chambers, Head of Franchise at IWG – UK & Ireland said: “The past year has seen the entire world take on the largest flexible working experiment and now, people want to hold on to the best parts of working close to home.
“What we are seeing is a permanent shift to how and where we work.
“The demand for flexible workspaces shows no signs of slowing, not just in London but across the UK. There’s a huge opportunity for franchise investors to tap into this and be a part of the remote working revolution.”
Balancing Remote Culture with Traditional Collaboration in the New Future of Work
What will our working lives look like moving forward? For companies that want to make the most of the benefits that come with working from home — such as reduced real estate expenditure and the ability to hire from anywhere — it’s a key question.
Some large organizations such as Facebook and Twitter have announced plans to allow staff to work remotely for the foreseeable future.
But to enable this arrangement to be successful in a post-pandemic world, organizations must provide a seamless remote working environment and a robust digital infrastructure.
For instance, how can employers replicate the chance encounters and collaboration that happen in central offices? While technology can’t completely fill the void, it can enable a great deal of productive collaboration — but only if the right solutions, with the right cyber security and sufficient staff training, are given.
As we move forward to a more flexible future of work, technology will undoubtedly be at the front and center of our working lives; but we will also have greater experience of how to work remotely, and more appreciation of the value that comes with in-person collaboration.Share this article