Colliers (NASDAQ and TSX: CIGI) today announced that the world's largest flexible workspace operator, IWG, has added to its Singapore portfolio with the addition of PLUS Building, 20 Cecil Street Singapore leased by Colliers. 

In a deal brokered by Colliers, the arrangement brings IWG's Regus brand to the building, delivering two floors of flexible workspace, spanning circa 22,000 sq ft.

Paul MacAndrew, Country Manager Singapore & Hong Kong at IWG, commented, "I am delighted to be bringing Regus to Plus Building and expanding our footprint in Raffles Place. We are seeing increased demand within the CBD as more organisations turn to flexible workspace. One of the lasting legacies of the pandemic will be the need for companies to empower their teams to work in different ways and in different places; we will continue to strategically grow our network to support this. This deal allows us to offer further workspace in a key part of Singapore."

According to Colliers Research, key flexible workplace operators will continue their expansion at a moderate pace. Last year's events brought a multitude of changes and disruption in the workplace, as a result, occupiers are likely to rationalise their portfolios and leverage the flexible workspace sector as part of their corporate real estate strategies, fueling the continued growth of the sector.

Jonathan Wright, Director of Flexible Workspace Consulting at Colliers added, "the return to the office is in full swing, and flexible workspace will be a key component of corporate real estate strategy. IWG are well-positioned to offer a range of solutions to occupiers, and this addition strengthens their position in Singapore and demonstrates confidence in the CBD."