The program allows franchise operators to enter the booming workspace industry for the first time ever, and in turn help IWG expand its Canadian network
TORONTO, Aug. 13, 2019 /CNW/ - Today, IWG, the world's leading flexible workspace provider, announces the official launch of its franchise program in Canada. By 2030, the flexible workspace industry is estimated to contribute $369B USD to the Canadian economy, and the number of jobs associated with flexible workspaces is expected to grow by 59 per cent. This first-of-its-kind franchise program provides a unique opportunity for franchisees to enter the fast-growing flexible workplace industry and to help facilitate the rapid expansion of IWG's Canadian and global network.
In recent years, flexible workspace – also known as coworking – has become a high-growth industry. The term refers to office space, meeting rooms and coworking areas that can be rented by individual workers or companies for a temporary period of time, from one hour to several years. The industry is estimated to be growing by 24 per cent each year. In 2022, the global mobile workforce will be 1.87 billion people. This is why global real estate giant JLL estimates that up to 30 per cent of corporate real estate could be flexible workspace by 2030.
"Three in ten buildings on every high street around the world could offer a new franchise opportunity in the coming years," says Wayne Berger, CEO, IWG Canada and Latin America. "The serviced office market is one of the most exciting growth markets in the world, and the next frontier for franchise operators. We are excited to partner with new franchise operators to bring the many benefits of flexible working to more people and businesses across Canada."
A proven business model
Since founding the industry in 1989, IWG has over thirty years of successfully operating flexible workspaces. Its business model — developed through many economic cycles — is proven, and represents a franchise opportunity that can provide partners with a highly attractive return on their investment. With brands like Regus and Spaces, IWG is the global operator of leading workspace providers with a network of over 3,300 centres in more than 1,100 cities and 120 countries. IWG now wants to accelerate its global growth with franchise partners worldwide.
"Imagine being given the chance to work with previously successful franchise industries such as restaurants or gyms at the beginning of their growth explosions," adds Steven McAnulty, Director of Franchise Development at IWG Canada. "A similar or even larger opportunity awaits in the serviced office market. It's a phenomenal opportunity to diversify away from traditional franchise industries."
As part of its new franchise program, IWG offers comprehensive infrastructure to support franchisees in Canada throughout the lifecycle of their investment. The global IWG franchise team works closely with its franchisees to ensure they have a framework to find the right location and design, are able to grow their market footprint backed by world-class operational and marketing support, and have the quality customer service IWG is known for.
IWG is seeking qualified franchise partners with organizational and financial capabilities to open a minimum of five locations no smaller than 10,000 square feet over a two-to three-years period. Franchise partners should have a minimum net worth of $3 million CAD and a minimum of $1 million CAD in liquid assets. Qualified franchise partners should have proven sales, management and entrepreneurial experience. Franchise partners must also be committed to uphold operational and image standard of IWG brands.
IWG believes that business success is underpinned by the effectiveness and happiness of its people. So, they made it their mission to help millions of people have a great day at work – every day.
They do this by giving people and businesses access to a world leading commercial real estate platform; drawing on a 30-year track record of delivering the best real estate solution for businesses; in every country, city, town, village and transport hub worldwide. IWG's real estate solutions are simple to use, with a full suite of business support services to enable people to focus on their core business and enjoy a great day at work.
IWG offers an unrivalled choice of workspaces through its operating companies; Regus, Spaces, HQ and Signature by Regus – each designed to serve the unique needs of businesses of every size.
IWG franchise information: franchise.iwgplc.com
Source: Regus Economic Study
Source: Forbes 2017 quoting Emergent Research.
Source: Strategy Analytics.
Source: JLL research.
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