IWG is bringing 12 new work options to New Jersey under its three different banners: Regus, Spaces and HQ.
According to the “world’s largest provider of hybrid working solutions,” the Garden State expansion is part of an effort to offer top facilities across a variety of locations as hybrid work arrangements persist. The new outposts, which join IWG’s 46 already in the state, are located in cities including Newark and New Brunswick, along major travel corridors like in Warren as well as in Tinton Falls and elsewhere.
While each location varies in size, all centers will include private offices and meeting rooms as well as coworking and creative spaces, IWG said.
By operating across multiple brands, IWG says it aims to appeal to a wider range of businesses and entrepreneurs. A majority of the company’s centers (95%) are managed under an agreement that allows a local partner to run the work center with support from IWG resources.
The company also offers a “design your own office” service so that companies can tailor their surroundings, allowing users including pharmaceutical, financial services, advanced manufacturing and information technology businesses to operate from the spaces.
“With important business hubs across the state, New Jersey is a fantastic place for us to boost our expansion plans. The need for high-quality flexible workspaces continues to soar as hybrid working becomes the new normal,” said IWG founder and CEO Mark Dixon.
According to data from the U.S. Census Bureau cited by NJ Advance Media, in 2021 New Jersey was No. 8 nationwide for its number of remote workers (about 22%).
“Our expansion in New Jersey comes at a time when more companies are discovering that flexible working boosts employee happiness and satisfaction, while helping the environment. Our workplace model is also proven to increase productivity and allows for a business to scale up or down at significantly reduced costs,” Dixon continued.
As the way people work continues to adapt, so too does where that work takes place. And with office vacancies continuing to climb, according to predictions cited by IWG, 30% of all commercial real estate will be flexible workspace by 2030. That changing tide has prompted commercial real estate operators to get in the game, like JLL, which announced last year that its Flex office and coworking space would debut in Secaucus.
“With 40% of U.S. workers already working in the hybrid model, and more set to follow, we are actively witnessing the transformative impact that flexible work is having on how and where people work and live,” Dixon said. “Hybrid work is radically reshaping our cities, our suburbs and beyond. With a profound and lasting impact on the make-up of communities and the geography of towns, cities and the nation, the hybrid work model is one of the most important forces at play in the world today as workers increasingly embrace the opportunity to work from a local workspace.”
Local, collaborative workspaces are nothing new in New Jersey. In 2019, luxury fitness provider Life Time announced – pre-pandemic – that it would debut its first Work outpost in Bridgewater. Now, the brand has plans to expand that banner in Monmouth County. In addition to taking over traditional office space, coworking is also giving new meaning to work-from-home as an onsite amenity in some new communities, like the transit-oriented Vinty in Elizabeth and its Vintage City Offices.
The expansion here is part of IWG’s larger growth plans, which this year has resulted in the addition of more than 600 new locations across its worldwide network. Over the next year, the company says it will add approximately 1,000 new locations.
IWG’s expansion was announced the same week that coworking giant WeWork filed for bankruptcy protection in the U.S. Bankruptcy Court for the District of New Jersey. In its report, Time.com cited bankruptcy as one of the few options for companies with high-cost leases, because “U.S. law enables insolvent firms to shed cumbersome contracts that are hard to cancel otherwise.” According to its website, which highlights “660 open & coming soon locations,” WeWork does not have any Garden State offices.