According to Mark Dixon, CEO of IWG, the office space market in 2020 had undergone “a decade of development in just 12 months” as people were forced to work from home as a result of the epidemic.
As a result, IWG lost £173.8 million in adjusted operating income last year, compared to £136.8 million in 2019.
The use of hybrid working solutions is on the rise
Mr Dixon, though, said the company is witnessing an increase in companies searching for hybrid working solutions, citing a recent agreement with Japanese telecoms group NTT to provide access to IWG’s office network to its 300,000 employees throughout the world.
“We anticipate a massive surge in growth (in hybrid working) when we eventually emerge from the unprecedented downturn that the Covid-19 pandemic has created,” he said.