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Asia Pacific Coworking Trends Space Is Now a Business Solution A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION ASIA PACIFIC COWORKING TRENDS SPACE IS NOW A BUSINESS SOLUTION FEBRUARY 2018 A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION While it may have been once considered a We at C&W are closely tracking its evolution Coworking: fad, coworking spaces that provide businesses across Asia Pacific. We released our first report and individuals with a shared working “Coworking: Understanding the Ongoing environment, are proving to be a lasting trend Evolution” earlier in 2017 to discuss how Top trends and demonstrating one of the biggest changes coworking, as a cost containment and flexible in the workplace today. With memberships workplace strategy, fits into the corporate growing at higher than a global average of 40%1, realm. And now, we are pleased to share coworking operators have been an important another report that highlights emerging trends to watch demand catalyst across Asia Pacific. Coworking in the coworking landscape that have Coworking has has taken the region by storm, leasing more transformed it to become a business solution, than 8.0 million square feet (sf)2 over the last not just a real estate alternative. This report taken the region out for two years. Places like Ucommune, WeWork, comes against a backdrop of its rapid growth to Spaces, Awfis, and CoWrks etc. have accounted disrupt the traditional office market across by storm for nearly two-thirds of the space leased by cities. coworking operators during 2016-17. 1. 2017 Global Coworking Survey, deskmag 2. C&W Research Coworking is ... A breeding ground Rapidly Gaining Not a cost concern Becoming a staple Set to blossom Going corporate for in-house expanding into momentum in emerging for developers in Japan innovation hubs Southeast Asia through M&A markets 2 ASIA PACIFIC COWORKING TRENDS 3 A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION Coworking is going corporate The fast–rising demand for coworking spaces is not surprising. Many countries are encouraging start-ups and small businesses in a bid to offset slowing growth at traditional industries. Coworking is an attractive option for desks, private offices and can expand THE SHARE OF start-ups, freelancers and even to occupy one or more floors, or FREELANCERS AND large corporates seeking an even a full building where/when INDEPENDENT alternative, activity–based workplace required. In fact, some operators to nurture employee talent and are also ready to build and operate WORKERS HAS further business growth. It offers a shared workspace on a property DROPPED BY negligible capex requirements, that is owned by another company. NEARLY efficient space usage, and flexibility For example, a corporate campus to expand or contract at a short or a headquarters can bring in a notice. coworking operator to implement 15% shared working practices. Demand from corporates has been over the one of the biggest expansion drivers Coworking and Corporate Real Estate last 3 of coworking in several Asian cities (CRE) are stronger together. Going years. over the last two years. Growing forward, coworking in workplace demand for flexibility, collaboration strategies will continue to gain and culture that a shared working traction on the back of growing environment could bring in are corporate demand. We all know that encouraging corporate occupiers to cost containment remains the primary actively consider it. After all, they focus for CREs during periods of have an option to scale up anytime, volatility and rising rents (across most anywhere. As such, memberships of gateway markets in Asia Pacific). enterprise clients (companies with Given this, more corporate occupiers workforce higher than 500) have will embrace flexible working more than doubled over the last 12 arrangements, especially coworking Demand from months. The share of freelancers and spaces. This has already been the corporate independent workers has dropped by trend in more popular industries such occupiers has nearly 15% over the last 3 years3. as professional services, technology been one of and banking, financial services and the biggest Even small and medium sized insurance (BFSI), which are major expansion companies (workforce less than drivers of office activity in the region. drivers of 100 employees) are adopting it as coworking in landlords and coworking operators several Asian are luring them to expand their cities over the customer base. Occupiers have the last two years flexibility to customize as needed. They can begin with hot/dedicated 3. C&W Research 4 ASIA PACIFIC COWORKING TRENDS 5 A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION Developers are making coworking spaces a staple Across the region, some landlords, concept’s potential by coming up either by themselves or by partnering with their own brands. CoWrks is with an operator, are embracing owned by Indian developer RMZ coworking concepts to give life to Corp., while in Singapore, Collision 8 their buildings and help incubate is owned by Aurum Land Private firms that eventually will lease office Limited. Soho China is in fact space at their properties. By offering expanding its 3Q brand in China’s tier space in a building or the campus, 2 cities. Ayala Land has launched its they can provide coworking players coworking brand ‘Clock In’ in Makati an ecosystem which places members City (Manila) earlier in 2017. at the heart of the action. Coworking The coworking landscape is still operators get access to a larger evolving following the big merge campus and client network, as well with CRE over the last few years. as access to outdoor event spaces, Occupiers are adopting practices fitness centers, health clubs, and retail that work for them and are not spaces. shying away from experimenting Some of the widely known examples with multiple options. Developers include WeWork-Embassy Group are also trying to create a social (India), Ucommune-CapitaLand environment that they want, hoping it Developers are (Singapore) and Ucommune- would be a strong selling factor. They also trying to Vanke (China). CapitalLand tied have resources and valuable assets create a social up with Collective Works to form in hand, and are ready to explore environment a joint venture. While developers opportunities that will transform how that occupiers invest in real estate, coworking occupiers would consume space. As want, hoping players, in exchange for such, growing competition among it would be a management fee and a slice of the landlords will intensify proliferation strong selling profits, provide the design, of coworking spaces and eventually factor. technology and training. In some make such offerings a standard. cases, developers are tapping the 6 ASIA PACIFIC COWORKING TRENDS 7 A CUSHMAN & WAKEFIELD RESEARCH PUBLICATION Coworking Start-up spaces are communities and coworking spaces will positively becoming impact local economies by creating a wider in-house variety of jobs. coworking facilities to innovate For occupiers who wish to be prudent innovation and experiment through in-house on costs and are committed to collaboration using incubators flexible working practices over a long and accelerator programs for term, implementing coworking in- hubs start–ups. Some examples are house makes perfect sense. Though Unilever’s Level 3, a 22,000 sf space branded as start-up hubs or located at its regional headquarters accelerators, they provide parent in Mapletree Business City, Singapore. companies and start-ups access to Level 3 is not only a space for state of the art facilities, meeting startups to park their belongings rooms, break-out areas and The lifespan of large and successful How do coworking facilities fit and base their operations, but also networking events that are common companies, especially those in the into this whole scenario? This is for Unilever teams to visit the space at regular coworking facilities. They Fortune 500 list, is getting shorter where companies are working easily and connect with companies can also be a great source of talent every year as only 12% of those with techies, entrepreneurs and and ideas they find interesting. when companies are hiring. companies have survived between creatives and are building start-up 1955 and 20164. Creative destruction community connections to come Some examples in the financial The financial sector has been quick and market disruption are driving up with new ideas that they can sector include the Vault by DBS, a to adopt this but other industries, them out of business as they lack scale up and convert to a business dedicated 5,000 sf open plan and especially tech, professional services the dynamism and innovation that solution. Companies like Google are multifunctional facility in Hong Kong, and engineering, are slowly catching are crucial for survival in a hyper- associating with startup communities/ The financial LumenLab, a 7,800 sf innovation up. Many are experimenting with competitive global economy. coworking operators across regions. sector has been center by MetLife in Singapore, and such plans on a smaller scale and the Thankfully, the advent of new This is mutually beneficial as Google quick to adopt The Open Vault, a 2,400 sf fintech trend is likely to gain momentum as economy and consumer-oriented supports members of such coworking coworking to innovation center by OCBC bank, companies realize the true potential companies and their constant spaces by providing technical and drive in-house also in Singapore. They function like of working with innovative and hunger for innovation to come business support, and infrastructure innovation but coworking spaces and work with product-ready start-ups in a shared up with new products have got while partnering in their success. other industries, start-ups besides being incubation working environment. Nurturing everyone’s attention. Partnering Successful start-ups can expand especially tech, hubs themselves. Their proximity to new ideas and experimenting with with entrepreneurial organizations, their business and create new jobs, professional parent organizations is purposely multiple start-up communities and networking, sponsoring and eventually growing multifold.
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