The partnership will see 40 new centres open across Thailand, further demonstrating the global demand for flexspace and hybrid working.
On December 2, in Bangkok, Thailand, IWG and Ratanakorn Asset formally signed a master franchise agreement, representing the largest deal of its kind for the global workspace provider.
The signing ceremony was held at Spaces Empire Tower, the country’s largest office complex, and was attended by IWG Founder and CEO Mark Dixon via videolink.
Dixon said, “Having a base in local communities where people actually live also enables companies to recruit better people, attracted by flexible working. I’m delighted to say that the partnership with Ratanakorn is our largest cluster franchise agreement yet, and will see 40 locations open across Thailand.
“The first five locations will open next year with centres coming to Pattaya, Chonburi, Sriracha and Rayong. This partnership is a significant and important step in making hybrid working a reality across Thailand, providing businesses with professional workspaces in the heart of local communities.”
Ratanakorn Asset brings more than 30 years of experience in property development to the table. The company now has the right to develop flexspaces in every corner of the country except Bangkok and its adjoining provinces, where IWG already has centres in 26 locations.
Jugkarat Ruangratanakorn, Managing Director of Ratanakorn Asset and his wife, Dr. Jittima Ruangratanakorn, say they want to focus on regional hubs, from Chiang Mai and Chiang Rai in the north of the country to Phuket in the south. Their long-term ambition is to open an IWG centre in every city in Thailand.
The first five locations will open in some of Ratanakorn Asset’s existing mixed-use developments, which include hotels, condominiums, shopping malls and other retail outlets, providing customers with a conveniently located workspace with all the amenities they will need. They also believe that partnering with IWG and focusing on mixed developments will allow the firm to continue expanding, growing and diversifying its portfolio.
“We will give more people access to hybrid work solutions, enhancing their work-life balance by drastically reducing the commute and establishing high-quality workspaces that people want to base themselves in,” Jugkarat explains.
“There is no longer the need for businesses to own their own offices or to commit to long-term leases. IWG provides the perfect solution – allowing businesses and their employees to drop into the most convenient location anywhere in the world with thousands of locations to choose from. You can now work at any place, anytime, anywhere.”
Indeed, as Dixon indicated in his speech, hybrid working is now a truly global phenomenon, with surging demand around the world for a model that retains the office but allows employees to split their time working from an office HQ, a local flexspace or at home. Thailand is no exception. And, as with many countries, that call is being answered by the rise of flexible workspaces.
Ratanakorn Asset decided to join the IWG network because of its strong belief in the growth potential of the flexspace industry. Indeed, research from IWG found that 72% of office workers would prefer a hybrid way of working to a full-time return to the office – even if reverting to the old Monday-Friday routine meant earning more money.
Hybrid working is the preferred way of working among all generations, with the latest research showing that an overwhelming 84% of 18-24-year-olds would prefer flexible working practices over adding 10% to their salary.
“In the wake of the pandemic, we are seeing record levels of demand as companies embrace hybrid work and rethink their real-estate strategy,” said Dixon. “Businesses are reconfiguring their office footprint, bringing work closer to where their employees live and empowering them to work flexibly, reflecting the changing needs and demands of their people.
“Partnering with Ratanakorn will enable us to scale up more rapidly to meet this demand across Thailand.
“We have exciting plans for growth in Thailand and you will be hearing much more from us over the coming months and years.” Watch this space.
About Ratanakorn Asset
Ratanakorn Asset is a Thai nationality, real estate company owning the properties of more than THB 33,000 million with up to 37 property diversities for over 20 years, the properties are mainly located in Pattaya, Chonburi, Rayong, some center parts of Thailand through southern cities. These are Real Estate (Residence) 113 housing projects, Retail, Commercial building project development, Community Mall, 11 large of flea markets trade stall, Condominium, Apartment & Service Apartment, Airbnb, Hostel, Hotel, Resort, 8 upcoming collaborations with the world’s leading hotel brand—IHG®, ONYX Hospitality Group 3 Properties & Yoo Worldwide, 4 cooperation with the Ascott Limited of Citadines serviced residences & Domitys, Clean Energy and Infrastructure of Bangchak Corporation, Logistic Center, Warehouse, Education Center, Construction Materials & Prefabrication Factory, Construction Company and Heavy Vehicle, Construction Materials and Warehouse, 12 Factories of Organic Mineral Fertilizer Factory, Food & Beverage, Fitness Group, Self Storage, Startup & Tech Center of Hubba, Toilet Management, Finance & Investment business, Over 3,000 rai of Land Bank available to further development. All are continuously growing and announcing their long customer commitment into the modern world emphasizing to provide greater customer recognition and satisfaction while maintaining social and environmental friendliness to achieve sustainable business objectives.
Flexible workspace is the fastest-growing sector of the global workplace market. Make the most of this exciting investment opportunity by partnering with IWG today.