Damosa Land Builds Up Flexible Workspace Portfolio with IWG

Damosa Land Builds Up Flexible Workspace Portfolio with IWG

By: Maya M. Padillo
Published On: BusinessWorld, May 11, 2021

DAVAO CITY-based property developer Damosa Land, Inc. (DLI) is stepping up its shared office space venture in partnership with International Workplace Group (IWG), riding on the growth of hybrid work models prompted by the coronavirus pandemic.

“We believe that flexible workspaces will start to make a bigger percentage of our total portfolio,” DLI First Vice-President Ricardo F. Lagdameo said during a May 4 event for the launch of Regus Felcris Centrale, the first IWG franchise center of DLI.

DLI’s Topaz Tower at the Damosa IT Park in Davao City has also been rebranded as the HQ Topaz Tower, making it the first such IWG brand in the Philippines. 

The new 15-storey Damosa Diamond Tower, expected to be fully completed by June, will also be launched as Regus Diamond Tower early next year.

Mr. Lagdameo said professional services firm Sycip Gorres Velayo & Co. (SGV & Co.) will be occupying one floor of the Diamond Tower and they are expected to move in by the end of the year.

“SGV & Co. will occupy at least one floor with a floor area of roughly 1,600 square meters,” he said.

The Diamond Tower, an accredited special economic zone, has over 20,000 square meters of leasable space.

“The office sector has been one of our first projects as a real estate company and office leasing business is one of our most important assets in our portfolio. When we had the chance to work with IWG way back in 2016, we had the opportunity to set up the first and the largest premium flexible workspace in the city,” Mr. Lagdameo said.

In January 2020, DLI and IWG signed an agreement for the establishment of eight franchised IWG centers in the cities of Davao, Cagayan de Oro, and General Santos over the next five years.

Lars Wittig, IWG country manager for Philippines, Thailand, Vietnam, Cambodia, and South Korea, said they see the future of work in the hybrid model.

“Pandemic or not, the demand for flexible workspaces in the provinces has been growing tremendously and that employees have a clear preference for flexible working with its work-life balance benefits, and both local and multinational companies recognize the role it plays in securing and retaining the best talent,” he said.

IWG — whose brands include Regus, SPACES, and HQ among others — has a global network of more than 3,300 work spaces in over 1,000 towns and cities.

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