Overseas firm to enter virtual office market
PANJAM INVESTMENT Limited, a property and investment conglomerate, will facilitate the entry of large virtual office company, Regus Limited, to New Kingston by summer. The company will operate from a floor within the PanJam building at Knutsford Boulevard. Regus is a part of IWG group, headquartered in Switzerland.
“PanJam was an active participant in bringing Regus to Jamaica,” said
Chairman and CEO Stephen Facey.
“Demand for office space has widened to include the desire for a more dynamic work environment, and we believe
Regus will help to meet that need,” Facey said, without disclosing the extent of the relationship.
He said later that
PanJam was “not a shareholder of Regus at this time”.
Regus describes itself as the world’s largest provider of flexible office rental space, in operation for more than two decades.
The company will offer hourly, daily and monthly rentals for offices, desks, meeting rooms. There are deals in which rentals in one country gives access to
Regus’ 1,500 business centres in 600 cities all over the world, its website indicates. IWG operates more than 3,000 locations in over 100 countries.
Several efforts to reach the company for comment were unsuccessful.
The size of the virtual office market in Jamaica is unknown, including the number of operators. But one of its early entrants was The Business District, started by Marie Jones and Marjorie Fyffe-Campbell in 2011.
Regus appears to be the first foreign company to enter the market locally. It is a view corroborated by Joelle Smith, an investor in the sector.
The size of Regus’ operations, as outlined on its website, also appears to dwarf the existing players, including Hub Coworking Limited, which offers nine offices, two meeting rooms and a series of hot desks at its New Kingston location.
ENOUGH SPACE FOR REGUS
Smith, who is Hub’s co-founder and managing director, insists there is sufficient space in the sector for her company and Regus to operate. She reasons that size of the selfemployed population
continues to grow, led by entrepreneurs and freelancers, which are sources of business for her trade.
There are over 400,000 workers locally that categorise themselves as self-employed, according to an IDB consultant study posted to the Planning Institute of Jamaica’s website.
The Hub has tried to differentiate itself from other large operators, as the first of its kind in Jamaica to offer shared coworking space.
“Coworking is a lot more than renting space. It is really about developing a community of people,” said Smith. “There is a place for a Regus. Because maybe they don’t want the community aspect.”
The Hub currently operates at near full capacity for its offices and conference rooms. But Smith said there is available space at the hot desks, which are equivalent to renting chairs at a long table with amenities, including wi-fi and coffee.
Smith said that rather than open a new branch, Hub Coworking plans to extend opening hours thereby expanding available rental time, starting May 1.
Regus already started its marketing push in Jamaica with a dedicated booth at Expo Jamaica 2018 on the weekend. The women hired for promotions at the booth said the company would start offering space to clients in July.