The Instant Group Emerges as the New Airbnb: for Office Spaces
By Yehudit Garmaise
Many professionals who worked at home throughout the pandemic have found that they only need offices and meeting rooms some of time: by the day or by the hour.
As a result, online listing sites that are similar to Airbnb and Booking.com, are offering an online marketplace for professionals to easily find and book pleasant, furnished, and quiet office spaces in which to work.
For instance, a Switzerland-based company said last week that it is investing approximately $350 million into a venture with The Instant Group, which runs what the two companies say will be the world’s largest online listing site for office space, the Wall Street Journal reported.
“I bet Marriott wish they’d set up Booking.com before Booking.com did, right?” said IWG Chief Executive Mark Dixon who explained why he is making a move now to get ahead of potential competition.
While many entrepreneurs have created a number of listing sites for office spaces, none have yet reached the popularity and success of Airbnb or Booking.com.
Many short-term office rentals struggled with high vacancy rates throughout the pandemic but that is not a concern here as demand is returning.
“Many have tried, but here we start off with a very strong position at the right time in the market, we believe,” said Dixon, who is hoping for a post-pandemic flexible-office boom.