IWG, plc (LSE:IWG) and Simon have joined forces to create a new co-working space, Spaces The Domain, in Austin that will open in 2023. These flexible workspaces in dynamic destinations like The Domain provide customers with hybrid work solutions in conveniently located, highly coveted areas.
Spaces The Domain, plans to deliver bespoke co-working office solutions to suit the building and location. The new workspace will feature the highest quality design and fit-out, first class services including customizable workstations with ergonomic furniture, private areas, adjustable-height desks, meeting rooms and 24-hour access.
The Domain complex includes 20 full-service and fast-casual dining options, 100+ retail stores and around 5,000 residential units in the area. Unique highlights of the mixed-use center include Cap City Comedy Club, Punch Bowl Social, Museum of Ice Cream and hotels such as Aloft Austin at The Domain, The Westin Austin at The Domain and Lone Star Court. Large companies such as Facebook, Indeed and VRBO have office space in the surrounding area, as the market continues to be on the rise.
“For several decades, we have been at the forefront of hybrid work, empowering people to work more productively and conveniently. More and more workers want to live in a 15-minute city – where everything they need, including where they work, is within 15 minutes of their home. Locations like Spaces The Domain meet that demand. As the popularity of hybrid working continues to accelerate, we will continue to rapidly expand across the U.S., including at a large number of retail sites,” said Mark Dixon, CEO of IWG. “The Domain area has played a key role in driving economic growth in the northern part of Austin, and we look forward to providing professionals with a premier Spaces location in the area, working closely with our partners at Simon.”
Both IWG data and consumer research show that businesses around the world are realizing the benefits of flexible working and forgoing the traditional office footprint for flexible office space. Research by Global Workplace Analytics found that businesses can save over $11,000 per year, per employee by implementing a hybrid work model, with savings generated by increased productivity, lower real estate costs and decreased employee turnover. In addition, recent IWG data highlights that hybrid working has improved work/life balance for more than half of American hybrid workers, regardless of generation.
“Simon is pleased to collaborate with IWG on this project to bring Spaces The Domain to life and enhance our premiere mixed-use lifestyle destination,” said Patrick Peterman, Senior Vice President of Development & Asset Intensification. “The Domain has always been a leader in innovation and bringing a co-working space to the property is another testament to our commitment to the live, work, play and stay environment we have curated for the north Austin community.”
IWG plans to add more than 500 locations across the U.S. over the next year or so with 90% of these being in collaboration with partners. Many centers will be in retail locations to capitalize on their amenities and growing popularity of the 15-minute city concept.
To learn more about Spaces The Domain, please see here.