Experts from Colliers share their views on why hybrid working will continue to revolutionize the flexspace market in 2022 and beyond.
Joining forces in a powerful alliance, IWG and Colliers have recently formed a partnership across select US markets, expanding an already long-standing and successful relationship between the two companies in Canada.
The partnership sees IWG working with five senior partners and their diverse team of real estate professionals who moved to Colliers from CBRE in 2021. With over 130 years’ combined tenure for the partners at CBRE, the team, headed up by Vice Chairman Steve Rigby, brings a wealth of knowledge and experience to the table, with plans to expand the team further in 2022.
Rigby says, “Colliers promotes an entrepreneurial and nimble culture that gives our team the flexibility we need to tailor customized solutions for our clients. Their global brand combined with a powerful platform and a broker-focused leadership team provides the ideal environment for our team to excel. It is strongly aligned with our needs, and our clients’ needs, for the new world of work.”
The team will support the brokerage community within Colliers, bringing greater awareness of the flexspace opportunity with IWG, as well as the immense benefits that hybrid working can bring.
As 2022 gets underway, IWG speaks to senior figures from Colliers about how world events are shaping the flexspace market of tomorrow…
Flexibility is paramount
“The last 12 months have been interesting for flex, to say the least,” says Colliers’ Will Burchfield who is VP, Head of Flexible Workspace Consulting, Americas. “There’s been a lot of uncertainty given the state of the world, but flexible workspace continues to present itself as a viable and attractive option for companies attempting to achieve more sustainable working practices.”
“Flexspace providers continue to see active engagements across their platforms with companies of all sizes. Major markets such as NYC, Miami, and the Bay Area have all seen a recent uptick in activity.”
This is reflected in IWG's US growth, which is expanding rapidly in order to meet this demand. Its Signature brand, for example, is about to make its New York debut at Manhattan’s prestigious 250 Park Avenue address and the company as a whole is experiencing strong growth across all regions.
Burchfield continues: “Our clients are looking to global flexspace providers to support them in their shift to hybrid working. We are advising our clients to continue to pulse check their employee base on their desire for space, and what that space can ultimately provide them.”
Reaping the benefits of flexibility
Carla Meyer was formerly Director of Broker Partnerships at IWG in North America and is now a Senior Director, Flexible Workspace Advisor primarily supporting the IWG account at Colliers. She says the local flexspace market will continue to grow.
“With the uncertainty still surrounding the Covid virus and the variants that continue to pop up, many companies are rethinking where their employees work. Disparate, smaller locations vs large, centralized offices are becoming a preferred option,” she says.
“The senior leadership at many companies have also realized that their team members are still productive, and sometimes even more productive if they don’t have to spend time commuting to a central office.”
“Having the flexibility to access other options that a flexible workspace provides has been a huge benefit to many companies and will continue to increase.”
Michael Berretta, IWG’s Vice President Network Development in the Americas, agrees, saying that the most obvious advantage of hybrid working is improved time management. “You’re not wasting time getting places,” he explains. “And you have a completely customizable work schedule.”
He adds: “We are seeing leaders of companies realize, especially now, that they have to keep their workers happy to attract and retain top talent. By adopting the hybrid model, companies are also recognizing that they can make significant costs savings, which can be reinvested into employee training and development, as well as growing the business, for example.” A study by Global Workplace Analytics found that employers could save US$11K per year, for each employee working in the hybrid work model.
In 2022, companies will continue to work hard to lay the groundwork for a hybrid future. Having a well thought out workplace strategy will be the key to success, and brokers are in the perfect position to help advise and guide their clients as they make the transition.
IWG has been helping brokers design sustainable corporate flexspace solutions for the last 30 years. Find out how we can support you today.
