IWG Set for Record Network Growth
Flexible workspace provider IWG anticipates record network growth in 2024, as businesses of all sizes embrace the benefits of hybrid working, according to a press release sent to the Budapest Business Journal.
The growth in new locations is being driven by property owners and partners seeking to capitalize on the rapidly growing demand for hybrid working.
IWG now has approximately 4,000 locations in more than 120 countries, but 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 USD 2 trillion.
IWG is partnering with landlords and developers to transform conventional spaces into dynamic working environments while generating sustainable revenue streams for its partners. Last year, IWG added 867 new locations to its network, up from 462 in 2022, so this new milestone represents significant growth. This comes as IWG posted its highest-ever revenue in its 35-year history, up to USD 4.27 bln over the course of 2023, a 10% increase compared to the previous year.
Hungarian Expansion With New Openings
IWG has also grown in Hungary. The company now has 12 centers in Budapest, and seven new deals have been signed for different locations in the capital, of which six will open this year and the other in 2026. IWG also signed another seven deals for new locations outside of Budapest, including one in Szeged, one in Pécs, two in Debrecen, one in Budaörs, one in Biatorbágy, and one in Szentendre.
IWG will open 13 new locations in Hungary in 2024, and the total number of locations will reach 25 by the end of this year. In the capital, the number of locations will be 18 by the end of 2024 and IWG also plans to develop another 10 locations in Budapest, totaling 44 centers in Hungary in the near future.
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