The International Workplace Group (IWG) has invested $850,000 in the first co-working space under its Spaces brand in Kenya. The new facility spans 1,761sqm of commercial space on the 14th floor of GTC’s Office Tower, and comprises co-working spaces, private offices, and meeting spaces. The grade A tower which is the second tallest building in Kenya after Britam Tower, is part of the GTC mixed use prime project located in Westlands district, Nairobi. It was completed in 2022 with Avic International Real Estate as the developer, Triad as the architect and Zhejiang Chengjian Construction Limited as main contractor.

Global Trade Centre (GTC), Westlands

 

IWG is popularly known for its Spaces and Regus (nine branches in Kenya) coworking brands globally. Its investment decision therefore marks the entry of its fastest growing Spaces brand into Kenya, and the third in Africa after South Africa and Morocco. Moreover, it affirms its presence in Nairobi, with an aim to meet the rising demand for high quality and flexible working spaces.

 

Estate Intel estimates that there are 77 coworking spaces in Nairobi currently, with an 8% annual growth rate over the past five years. Interestingly, IWG’s choice of location, Westlands, accounts for the largest market share at 45.8% indicating its position as a top attractive commercial zone in the city. Furthermore, it cements GTC’s position as a focal business hub in Nairobi.

Source: Estate Intel

 

Given the changing working patterns driving the demand for hybrid working spaces, co-working spaces remain an attractive investment choice, and are expected to further grow in the near future.  

 

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