地产经纬丨IWG胡懋：品牌输出 专业赋能 灵活办公空间破解写字楼困局

Core Viewpoint - The current consensus in the industry is that the market is in a challenging "L-shaped" phase, with no clear turning point in sight, and the most pressured period has yet to pass [1] Group 1: Market Conditions - The commercial office market is facing dual challenges of development and investment obstacles, with rising vacancy rates and rental pressures [1] - Major cities in China are experiencing high vacancy rates in office buildings, with Shanghai's Grade A office market seeing a vacancy rate rise to 23.6% and average rental prices dropping to 212.6 yuan per square meter per month [2] - The net absorption of Grade A office space in major cities in Greater China recorded approximately 764,000 square meters in the first half of 2025, a year-on-year increase of 5.5% [2] Group 2: Demand Shifts - There is a structural change in demand as companies shift from centralized to distributed office models, establishing "satellite offices" to reduce rental costs and enhance employee convenience [3] - The demand for "small and refined" flexible office spaces is becoming a necessity, but many traditional office owners lack the experience and resources to operate such spaces [3] Group 3: IWG's Business Model - IWG positions itself as a "hotel management group" in the office sector, focusing on light-asset operations to address the challenges of existing assets [4] - IWG's operational model emphasizes flexibility in lease terms, with the shortest lease available on a daily basis and an average lease duration of about 12 months [5] - IWG's pricing model is based on workstations rather than square meters, offering an all-inclusive pricing structure that covers utilities and office supplies [5] Group 4: Financial Performance and Expansion - IWG has achieved profitability in China, operating approximately 150 office centers across 45 cities, with plans to expand further [7] - The company's system revenue reached $2.162 billion (approximately 15.5 billion yuan) in the first half of 2025, marking a historical high with a year-on-year growth of 2% [8] - IWG's adjusted EBITDA grew by 6% year-on-year to $262 million (approximately 1.88 billion yuan) [8] Group 5: Localization Strategy - IWG is focusing on localizing its services to better meet the needs of Chinese enterprises and is expanding into lower-tier cities, with about 70% of new projects involving state-owned platforms [8] - Collaborations with state-owned platforms are helping IWG secure stable and high-quality property resources for further expansion [8]