Swiss co-working major IWG to double India portfolio by 2027: Descrozaille

India to be among the firm's top three global markets in 3-4 years

The world’s largest hybrid workspace platform, International Workplace Group (IWG), plans to nearly double its India portfolio from around 120 centres to over 250 in the next 18-24 months.

 

Marc Descrozaille, chief executive officer, Middle East, Africa & Asia-Pacific, IWG, said India is currently among the company’s top 15 markets. “We are trying to find opportunities, partners and investors to accelerate the growth. In the next three to four years, India should be one of the top three markets for IWG. We are well-placed to accelerate the development accordingly,” he said.

 

The Switzerland-based global co-working firm is also open to acquisitions. “We are having discussions. Nothing hot at the moment. If we move, it needs to be strategic. We're also offering services to certain competitors who might be struggling. Some are being rolled into our system,” Descrozaille told Business Standard.

 

IWG posted a group revenue of $2.8 billion in the first nine months of 2025 (9M 2025). Revenue stood at $3.7 billion in 2024. The company operates in 120 countries through 14 operating brands, including Regus, Signature, Spaces and HQ, serving 8 million users. In India, where IWG has been present for 21 years, it currently runs all these brands except Signature.

 

“We are in discussions to bring our premium brand, Signature, to one of the best Central Business Districts (CBDs) in the first-tier cities. We have acquired some brands that specialise in medical services recently in the US. It would be a great opportunity if we could bring those to India,” he added.

 

IWG is investing in technology, distribution and brand expansion in the country, but not in real estate. “We used to invest in real estate, but we don't do that anymore. We rely very much on partners. We're trying to convert landlords into partners. We manage spaces, get fees, and share profits with them,” Descrozaille said.

 

The company collaborates with a wide range of stakeholders, including developers, building owners and even individual investors with space on a single floor. It operates across grade A and B buildings, choosing the brand based on location, availability and demand.

 

However, Descrozaille noted that awareness of the partnership model remains limited. “Many conventional owners don't understand this big revolution happening in flexible space. They should consider having at least one flexible floor in every building,” he said.

 

IWG will be adding 10 more centres to its India portfolio by the end of 2025, said Descrozaille, who is visiting the country to scout opportunities that the company can capture.

 

“We have accelerated the growth in India recently, taking advantage of getting into secondary and tertiary cities, fringes, and suburbs of the large cities, because there, people don't need or don't want to commute for too long, and go to the CBDs. We thought it was an opportunity for us, which we would need to grab, which we have done,” he added.

 

Flex office markets in top Indian cities have been on an upswing, with several domestic operators going public. According to Colliers, flex space leasing in 9M 2025 reached 9.2 million square feet — close to the all-time high — and accounted for 18 per cent of overall leasing in major markets, up from 16 per cent in 9M 2024.

 

Colliers expects flex spaces to potentially account for one-fifth of overall demand in 2025.

 

Harsh Lambah, country head, India, IWG, said the flex work trend remains strong due to post-Covid shifts and the large information technology workforce. “With Gen-Z and the younger workforce, we are seeing a preference towards work-life balance. Tier-II, Tier-III cities are expanding very fast,” he said.

 

Descrozaille emphasised that India remains central to IWG’s global growth strategy. “What has been really interesting is the options and the potential in India’s tertiary cities. We don't see that everywhere else. India has been best-in-class in this regard. This approach of building a network and catering for the needs of people wherever they are is unique,” he added.