India will be the third- largest country in terms of the number of co-working centres for the International Workplace Group (IWG), a global hybrid workspace platform with brands including Regus and Spaces, Marc Descrozaille, regional CEO of Asia-Pacific and Middle East & Africa regions, IWG, told ET.
The firm, which has 105 centres in India, will add 40 centres in the current year. “India is among the top 15 countries for IWG in terms of the number of centres. But there is no reason why we won’t be in the top three in the next three to five years. We need to add another 300 centres for that, and we will do it,” said Descrozaille.
In 2024, IWG achieved record network growth with 899 new centre signings and 624 openings, returning to profitability with $557-million Ebitda and reducing net debt to $712 million from $775 million. Globally, the company’s 4,000 workspaces span over 120 nations.
In terms of the number of centres, India is the fastest-growing market in APAC for IWG.
The uncertainties caused by global economic conditions might help the flexible workspace industry, the executive said.
“When there is uncertainty, one of the typical reactions from companies will be to focus on their core business, which could be manufacturing, trading, marketing, or IT. Investing in offices or renting offices is not their core business,” said Descrozaille.