IWG partners with Rattanakorn Asset to sign a franchise agreement to manage 40 rental office spaces across Thailand, responding to the hybrid work model and catering to the growth of urban society and the demands of millennial consumers.

IWG, a global leader in flexible workspace solutions known for its brands Regus, Spaces, HQ, and Signature, has granted regional master franchise rights to Rattanakorn Asset, a Thai real estate operator, to jointly develop and expand its business in Thailand. Under this franchise agreement, Rattanakorn Asset can develop flexible office spaces in every province across Thailand, except for Bangkok and its surrounding areas. In 2022, Rattanakorn Asset collaborated with IWG to open 5 new centers, including 2 in Pattaya, and 1 each in Chonburi, Si Racha, and Rayong. This new center opening is part of a joint business expansion strategy between IWG and Rattanakorn Asset, aiming to establish at least 40 centers across Thailand within the next 10 years.

Mark Dixon, founder and CEO of IWG, stated, "In light of the COVID-19 pandemic, many businesses have quickly adapted to meet the demand for hybrid working, which is being adopted by numerous small and large companies. This has led to the realization that not only can they attract and retain talented personnel, but transitioning to this working model also helps reduce operational costs. Various businesses are redefining their workspaces by bringing work closer to employees' homes, allowing them to work flexibly, reflecting changes that meet the needs and necessities of the workforce."

Currently, flexible work that is not tied to a specific location is becoming increasingly popular across various professions, especially among millennials (Generation Y), who are accustomed to digital technology and prefer agility and flexibility in their work. With hybrid working, employees not only work in diverse locations but also spend less time commuting, enabling them to work from anywhere, whether it be an office, home, or a Flexible Workspace. This approach to work offers high flexibility and enhances productivity.

"The unprecedented rise in demand for hybrid working among many businesses, coupled with a reevaluation of real estate operational strategies, has led to this business collaboration with Rattanakorn Asset, which will facilitate faster business expansion to meet the needs of people working in hybrid models throughout Thailand and support the growth of urban society, which is one of the ongoing megatrends worldwide. The decentralization of development from the capital to major cities is changing the lifestyles of people in various economic and social dimensions," he added.

IWG, a leading global provider of Flexible Workspace, has been operating for over 30 years, helping millions of customers have productive workdays. In Thailand, IWG has been operational since 1999 and currently has 26 branches open in Bangkok and other provinces. Since the beginning of 2021, IWG has gained 2 million new customers in its global network as companies recognize the benefits of providing employees access to professional rental offices equipped with amenities located close to their residences.

Jakkarat Ruangratnakorn, Managing Director of Rattanakorn Asset Co., Ltd., a Thai real estate company with over 20 years of experience and assets valued at over 33 billion baht, operates across various real estate sectors, including residential, retail, industrial, and hospitality. He stated, "The company plans to provide rental office spaces (flexible workspaces) in central locations of each region, such as Chiang Mai, Chiang Rai, and Phuket. These centers will be part of existing mixed-use projects, including hotels, condominiums, shopping malls, and retail spaces managed by the company, to provide customers with comfortable workspaces equipped with various amenities, enhancing people's lives to achieve a balance between work and personal life."

This responds to the trend of hybrid work, as this group seeks new and preferred locations to work. This change also benefits local businesses, as operating a business no longer requires owning an office or signing long-term leases. IWG offers a perfect new alternative, allowing businesses and employees to work comfortably from anywhere in the world, with thousands of options available to work anytime, anywhere.

Jakkarat concluded, "IWG is the largest coworking space provider in the world, with a diverse range of brands. Therefore, Rattanakorn Asset collaborates with IWG because we believe in the flexspace (on-demand workspace) business and see growth opportunities in this sector. The partnership between Rattanakorn Asset and IWG focuses on joint development, which will enable Rattanakorn Asset to expand its business and grow in the future."