As the adoption of hybrid working rapidly accelerates across Hungary, the number of enquiries for space in IWG locations has risen sharply and this new opening helps meet rising demand.
The addition of IWG’s latest location in Budapest comes on the heels of the business posting its high-est-ever revenue in its 35-year history and achieving rapid network growth, adding 867 new locations over the course of 2023.
Situated on Váci Street office corridor in Budapest, this new location is part of a drive by IWG to meet the sharply rising demand for top class flexible working space in the city centre. The recently renovated Centerpoint Office is easily accessible by public transport hub, and provides nearby amenities such as restaurants, café shops, a fitness centre as well as a garden and a courtyard.
Set to open in the third quarter of 2024, the high-quality building will provide space for established firms and start-ups across a range of industries, while IWG’s Design Your Own Office service allows companies to tailor their space entirely to their requirements. The new Regus location will include facilities including private offices, meeting rooms, co-working and creative spaces.
The office complex, with a new wing and inner garden due to be built later this year, will create a unique environment for employees - all this will be achieved through energy efficient and environmentally friendly solutions certified by Leed and Breeam Gold.
The building owners decided to invest in the IWG platform to maximise the return on their real estate space by capitalising on the rapidly expanding demand for hybrid working. With an annual investment of around £50m ($64m) into its technology platform, IWG provides partners with access to all the company’s expertise as well as design and fit-out support and sales and marketing capabilities.
With explosive market growth as companies of all sizes adopt hybrid working for the long-term, it is predicted that 30% of all commercial real estate will be flexible workspace by 2030. With IWG, part-ners are able to capitalise on this fast-growing sector, while being supported by IWG’s unparalleled experience. Hybrid working offers companies a significantly lower cost base with an average saving of £9,000 ($11,000) per employee .
As the ongoing shift towards hybrid working accelerates, the potential for further growth is exponential with an estimated 1.2 billion white collar workers globally and a total addressable market of more than $2 trillion (£1.57 trillion). Conventional office occupancy will continue to fall as businesses require less traditional space and turn to flexible workspace instead. In 2023, IWG welcomed over 800 new partner locations and counts 83 per cent of Fortune 500 companies among its customer base.
Mark Dixon, CEO & Founder of IWG, commented: “We are establishing a stronger and much-needed footprint in Hungary with this latest opening. As an important business hub Budapest is a fantastic place for us to boost our expansion plans. The need for high-quality, flexible workspaces continues to soar as hybrid working becomes the new normal. We are very pleased to work in partnership with GTC Magyarország to develop the Regus brand under a management agreement that will add a cutting-edge workspace to their building.
“Our opening in the Váci Street office corridor comes at a time when more and more companies are discovering that flexible working boosts employee happiness and satisfaction, while helping the envi-ronment. Our workplace model is also proven to increase productivity and allows for a business to scale up or down at significantly reduced costs.”
Csilla Vattay Lease Director of GTC added: “We are glad to form a partnership with IWG to create a high-quality workspace in the heart of the capital. With this cooperation we can address the growing demand for hybrid workspaces in Budapest increasing the value of the facility and the provided services even further”
IWG’s multi-brand expansion strategy is designed to appeal to every type of business and entrepreneur. IWG creates personal, financial, and strategic value for businesses of every size, from some of the most exciting companies and well-known organisations on the planet, to individuals and the next generation of industry leaders. All of them harness the power of flexible working to increase their productivity, efficiency, agility, and market proximity.
IWG
