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how the Coronavirus is impacting the Flex Workspace industry globally.
As of April 1st 2020, IWG´s stock price has plunged since the beginning of the crisis. The largest Flexible Workspace Operator in the world has lost close to 60% of its value. In total, this represents a total reduction of over $2Bn in market capitalization.
In comparison, the S&P 500, a reflection of the largest US corporates, is down 20% for the same period, which shows the sensitivity of our industry to the crisis.
We compare IWG with a long-lease traditional office / industrial REIT such as Global Net Lease, down 35% of the period. Flexible workspaces have been hit harder than long-lease due to the flexibility of their occupiers' contracts but they may pick up earlier once the lockdown is over.