Coworking firm opening new space in Providence 

FLEXIBLE WORKSPACE FIRM International Workplace Group is opening a new space at 235 Georgia Avenue. Pictured is a rendering of the project./ COURTESY MG COMMERCIAL

PROVIDENCE A rapidly expanding, international “flexible workspace” outfit is opening its newest location in the city in the Washington Park neighborhood.

Launched in Brussels in 1989 and now headquartered in Switzerland, International Workplace Group, which has more than 3,300 locations in 1,200 cities worldwide, announced on Thursday that it will occupy the recently refurbished 34,000 square foot industrial building at 235 Georgia Ave.

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The building was the former home of Regan Heating and Air Conditioning, whose principal still owns the building and will be partnering with IWG on a profit-sharing model. 

The Regus brand, which operates under IWG, has co-working space located in the Howard Building at 10 Dorrance St. 

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Touting a “renaissance of the workplace,” IWG said the growing demand for flexible workspace accelerated by the pandemic has driven the company to expand its footprint in the region. According to Jones Lanes LaSalle Inc., 42% of the U.S. workforce is now working remotely and the flexible workspace industry is projected to double in the next three years, reaching $13 billion and encompassing 30% of commercial office space by 2030.

IWG plans to add 1,000 new locations in North America annually and several more in New England in the coming months. They most recently announced co-working spaces in Ipswich, Worcester, and Leominster, Mass. 

“We are happy to bring more flexible workspace options to the Ocean State,” said CEO of IWG Americas Wayne Berger. “Providence is a wonderful city, and we are happy to provide community members with the best workspaces.” 

Rather than a traditional capital lease, business investors and property owners can partner with IWG in shorter lease commitments and invest capital in converting the space to begin earning operating income while decreasing costs, according to the company. 

Studies show 88% of companies now have flexible workplace arrangements and approximately half of employees say they would leave their job if they can’t work flexibly. 

“People want flexibility, and progressive companies understand the financial and operational advantages of moving a percentage of their real estate portfolio from a traditional lease model to flexible workspaces,” said Berger. “This signals that flexible workspaces are the future of the global work environment.”

Christopher Allen is a PBN staff writer. You may contact him at Allen@PBN.com.

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