IWG, a flexible-office operator, is looking into a $350 million venture with the Instant Group, which has an online listing site for office space, The Wall Street Journal reported Tuesday (March 15).
The vision would be akin to the ways Booking.com or Airbnb offer lodging options.
According to the report, the companies are touting this as the world’s biggest market for flexible office space.
Demand for a furnished office space hasn’t been great, but it has been coming back from the pandemic low. WSJ notes that many companies have begun bringing employees back to the office, with many looking into new hybrid-work schedules.
There’s also more demand for offices and meeting rooms that can be booked by the day or the hour.
The two companies are hoping this will translate into a need for an online market to book the spaces. Mark Dixon, IWG CEO, said he wants to get ahead of other companies.
“I bet Marriott wish they’d set up Booking.com before Booking.com did, right?” he said.
PYMNTS wrote that travel options for BNPL have been modernizing.
This has helped operators fill airplanes and rooms with inflation still on the rise. Sezzle, for example, has partnered recently with payments platform Yapstone in order to offer vacation rental deals.
There are other such agreements going on, including American Airlines’ partnership with Affirm to offer flexible payments for eligible travelers as of last October.
PYMNTS has found that merchants and brands offering installment options have been consistently popular, particularly among younger people or anyone dealing with financial struggles.