Shared office space giant IWG takes up rival WeWork’s vacated space at Harbour City, TST, as competitors withdraw from Hong Kong

It is the second time this year the Swiss flexible workspace giant has swooped on a space vacated by its American rival as it bets on Hong Kong

IWG’s expansion is in preparation for a time when the pandemic is over but businesses remain cautious of allocating more capital for office space, say analysts

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WeWork, headquartered in New York, has been giving up its spaces in Hong Kong, and presently has eight locations. Photo: AFP

Published: 7:00am, 12 Nov 2020Updated: 7:00am, 12 Nov 2020

Swiss flexible workspace giant IWG has taken over rival WeWork’s 50,000 square feet of office space in Tsim Sha Tsui, the second time this year it has swooped on one of the American provider’s vacated premises in Hong Kong.

The space, to be rebranded as Signature at Gateway, is located in Gateway Tower 5, one of 10 commercial buildings that sit on top of the Harbour City mall. The new space will open in December, and will bring the number of IWG’s locations in the city to 16, the most among operators of shared office space.

In the summer, IWG leased a space in Causeway Bay that had been previously occupied by WeWork, which has been steadily withdrawing from the market.

While IWG, the world’s largest operator of serviced offices, has always had the most locations in Hong Kong, WeWork used to occupy a larger footprint, according to Paul MacAndrew, country manager for IWG in Hong Kong.

“IWG is actively looking to increase its footprint in Hong Kong, at a time when a number of our competitors are retrenching,” said MacAndrew. “Harbour City is home to a multitude of world-leading companies from different sectors, including banking and finance, retail, telecommunications and technology and with its cutting edge facilities, Signature at Gateway is a fitting addition to the IWG portfolio in the region.”

IWG’s expansion is in preparation for a time when the pandemic is over but businesses remain cautious of allocating more capital for office space, according to JLL.