Markets & Finance

Workspace firm invests Sh127m in GTC tower

Thursday November 16 2023

The Global Trade Center (GTC) Office Tower. FILE PHOTO | NMG

Switzerland-headquartered serviced offices firm, IWG plc, has invested $850,000 (about Sh127.50 million) in setting up a new co-working centre in Nairobi, largely targeting employees hired by different firms and independent contractors.

The workspace facility at Global Trade Centre Office (GTC) Tower, Kenya’s second tallest building after Britam Towers, comprises co-working spaces, private offices and state-of-the-art meeting facilities.

IWG plc, whose shares are publicly traded on the London Stock Exchange, says the new centre will operate under the Spaces brand, making Nairobi the third location in Africa after South Africa and Morocco.

The new operations in Nairobi spread IWG’s presence in Nairobi where it already operates nine flexible workspaces under the Regus brand which largely targets corporate teams.

The workspaces under Regus comprise four centres in Westlands, and one each on Kenyatta Avenue within the city centre, Vienna Court near State House, on Lenana Road, Britam Towers and at the Village Market.

The GTC Spaces, as the new operations have been named, occupies 1,761 square metres on the 14th floor of the skyscraper, owned by Avic of China, and located in the upmarket Westlands suburb.

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“We are establishing a stronger and much-needed footprint in Nairobi with this latest opening. As an important business hub, GTC is a fantastic place for us to boost our expansion plans,” IWG’s regional chief for Middle East and Africa Marc Descrozaille said in a statement.

“The need for high-quality flexible workspaces continues to soar as hybrid working becomes the new normal.”

IWG was founded in 1989 in Brussels and has a presence in nearly 4,000 locations worldwide.

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