What’s going on:
The Flexi Group, a Hong Kong-based flexible workspace provider, is doubling its portfolio of flexible workspaces in the Asia-Pacific region. The company announced that it is expanding its presence in Singapore and Australia through strategic partnerships and acquisitions, according to Yahoo Finance.
The Flexi Group, which was formed in 2022 after the merger of three workspace providers — the Hive, The Cluster, and Common Ground — now operates 43 locations across 11 cities and eight countries. The company also previously acquired two former Found8 coworking locations in Singapore and entered into partnership agreements with Hirsch & Faigen in Melbourne, Australia.
Why it matters:
The expansion of The Flexi Group demonstrates the growing demand for flexible workspaces and hybrid work models in the Asia-Pacific region. The company says that it is also finding unique ways to structure deals with commercial property owners.
Rather than leasing office space, The Flexi Group follows an “asset-light approach to real estate ventures” by partnering with landlords on joint ventures. The company stated that this strategy offers increased flexibility for tenants and enhances building engagement.
How it’ll impact the future:
The Flexi Group’s continued growth and expansion in recent years reflects the positive outlook for the future of flexible workspaces being recorded around the world. By offering a variety of workspace solutions and fostering creative communities, The Flexi Group is well-positioned to capitalize on the increasing demand for hybrid work models in both Singapore and Australia.
The shift from traditional offices to flexible workspaces may also encourage landlords in the region to adapt their offerings to meet the evolving needs of tenants. As more companies adopt hybrid work models, the demand for flexible workspaces is expected to rise, leading to further industry expansion. As commercial property values in major cities like Los Angeles decline, property owners in other countries might be inclined to explore structuring deals similar to The Flexi Group.