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After over a year of the global office market attempting to stay afloat, IWG’s CEO believes that the worst is behind the company.
IWG said that the past three months was its “most challenging quarter” due to occupancy falling to 66% from 75% the year prior, causing it to leave behind underperforming locations.
Additionally, revenue dropped 21% compared to this time last year, which saw a record high of £528 million.
“It looks like the worst is behind us. We can see improving markets — not across the board, but in a number of areas,” said Mark Dixon, chief executive at IWG.
Recovery across the company’s portfolio has been uneven, and the strongest rebound has been outside of central cities, which Dixon believes will continue to be a trend after the pandemic is over.
For instance, offices in the suburbs of London have recovered much faster than those in central London.
The company believes that the future of the workplace means less fixed offices and more hybrid working arrangements, including “hub and spoke” models.
Moving forward, IWG hopes to boost revenues through franchise agreements, allowing local partners to operate their offices while paying a fee to IWG for its brand usage.
