World's largest operator of flexspace signs biggest ever regional franchise deal with Ratanakorn Asset for 40 locations across Thailand
IWG, the world's largest operator of flexspace, with thousands of locations and a footprint in 120 countries, announced its second franchise partnership in Thailand with Ratanakorn Asset, as part of the company's strategic plan to expand its network to meet the growing demand for hybrid work.
"IWG offers multiple brands providing every type of hybrid work solution. We're scaling the business to expand our footprint from the largest cities to smaller cities and suburban areas. Through our partnership deal with Ratanakorn Asset, businesses of all sizes from multinationals to start-ups, and freelancers to entrepreneurs will have access to a growing number of locations," said Gareth Haver, CEO IWG APAC.
This partnership with IWG will give Ratanakorn Asset the Regional Master Franchise rights across HQ, Regus, Spaces and Signature brands, in all regional cities in Thailand outside of Greater Bangkok.
Ratanakorn Asset, a leading real estate company with over 30 years of experience in Thailand, has developed over 17 real estate projects in the eastern regions covering the Eastern Economic Corridor (EEC), plus some popular beach towns in the south. Partnering with IWG will strengthen both brands as leading space management providers serving the new era of flexible offices and flexible workforces.
IWG's partnership with Ratanakorn Asset will deliver total growth of 40 centers within 10 years across regional cities in Thailand adding to the more than 30 locations already operating in the country including in Bangkok, Chiang Mai and Phuket.
The popularity of flexspace is accelerating around the world, marking an important global trend with high growth. Thailand is also emerging as one of the leading markets, rapidly catching up with large corporations recognizing the value to be found in a fully flexible office.
"As a result of the pandemic, more people have been given a taste of hybrid work and the improved work-life balance associated with it. Our expansion throughout regional Thailand will empower more people to reduce their commutes, meaning more time with their families. We look forward to a close partnership with Ratanakorn, which provides an opportunity to expand our position in Southeast Asia further," added Haver.
The signing of the groundbreaking franchise agreement with Ratanakorn Asset comes as IWG sees record demand for its hybrid works solutions, with the business adding two million customers to its network so far this year. This includes its largest ever deal with Nippon Telegraph and Telephone Corporation (NTT), providing all 300,000 employees with access to IWG's workspaces globally. As the world slowly emerges from the pandemic, the need for high-quality flexible workspaces will continue to soar as hybrid work becomes the new normal. This trend is in turn driving greater interest in IWG's franchise proposition which is now growing rapidly with more than 50 franchise partners operating in more than 40 countries around the world.