Hybrid working now ‘the new normal’ as Regus owner offers new flexible space in Altrincham

IWG, the company behind Spaces and Regus, has secured an agreement to market four-storey Kennedy House, in Altrincham town centre, which will be branded as a HQ flexible space.

The site is being marketed at £235 per person per month in the flexible office space and £169 per month in the coworking spaces.

Until recently the space was being marketed as Altspace Coworking Office and through agents at Savills as Workthere, but IWG has signed a franchise agreement with the owner of the property, who is already partnering with IWG for a second building in Warrington.

The addition of IWG’s latest location in Altrincham follows a recent growth spurt by IWG who pointed to half year revenue at its “highest ever, half-year, system-wide revenue” of nearly £1.7bn, though the business still made a pre-tax loss of £70m. 

IWG now boasts that it has added 867 new locations over the course of 2023.

Regus chief executive and founder Mark Dixon, a colourful Monaco-based entrepreneur, is an outspoken critic of traditional commercial property operating models. 

He claims that as the ongoing shift towards hybrid working accelerates, conventional office occupancy will continue to fall as businesses require less traditional space and turn to flexible workspace instead.

Last year Dixon said IWG’s share price on the London stock market had suffered from “guilt by association” with WeWork, which stands on the brink of bankruptcy in the US.

But on this local deal Dixon was upbeat and said: “This addition to the Greater Manchester area comes as the need for high-quality flexible workspaces continues to soar, as hybrid working becomes the new normal. This new location, our second in Altrincham, will meet the rising demand in the area and desire of residents to work closer to home, in the heart of their local community.

“Our opening in Altrincham comes at a time when more and 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.”

The building will provide space for established firms and start-ups across a range of industries, while IWG’s Design Your Own Office service allows companies to tailor their space entirely to their requirements.