ZUG, SWITZERLAND–European-based IWG knows the co-working industry. It is the owner and operator of such brands as Regus, Spaces, Signature, Open Office and MOS and has a network of about 3,000 locations in 114 countries and 1,000 cities. In the US, most people are likely more familiar with its Regus brand.
What they might not be aware of, though, is the brand's recent focus on opening new locations in suburban areas. To be sure, Regus has had a presence in suburban markets for several years, Michael Berretta, head of growth strategy for IWG, tells GlobeSt.com. But as it opens new locations [see box below] it is making sure that suburban markets dominate the list.
“Companies have the same desire to work close to where they live,” Berretta says. Companies are also changing the way the view the space in which they work, he continues — they don't necessarily want to be locked into long-term leases. Increasingly they are appreciating the flexible work arrangements that companies such as Regus provide, and its network across multiple cities, he says. In the US, for example, IWG has close to 1,500 locations with all of the major markets represented, according to Berretta.
Another reason for Regus' focus on suburban markets is their changing dynamics. In recent years many have begun to develop into mini-urban like centers with a work-live-play vibe next to transit centers. “There's a change to suburban development, with new residential growth, new restaurants, new amenities,” he says.
This is not to say that Regus is focused exclusively on suburban locations, as the following list will show. It is also opening in ex-urban neighborhoods and CBDs. But, as Berretta notes, many of the locations on the list are, in fact, suburban markets of core cities. “We've opened 30 or 40 new centers in the last 12 months and two-thirds of those are in suburban locations,” he says.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
