In 2019, around 64% of the total supply of flexible workspace in APAC was accounted by India and China, says a report by Ken Research
1. Growth Drivers and Trends in APAC Flexible Workspace Market.
Preferred Space of Working in Other Countries
The flexible workspace industry in most of the countries in APAC is dominated by local players. For instance, in China Ucommune, Kr Space, MyDreamPlus, Distrii are few of the major players, in India the industry is dominated by local players including Awfis, Smartworks, 91Springborad and others.
The flexible workspaces are no more just about workstations and offices; they are no more just limited to a silo but are becoming the part of office building’s fabric. Landlords either self perform or outsource to the flexible workspace sector to create a range of amenities to better serve their occupiers. The Work Project has been delivering amenity spaces across CapitaLand’s portfolio, together with flexible workspace. Hongkong Land launched an owner-operated space with added amenities for occupiers.
2. Types of Flexible Workspaces Including Traditional Co-Working Space, Niche Co-Working Spaces, Lifestyle Co-Working Spaces, Serviced Offices and Nomadic Spaces.
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- Traditional co-working space model is also known as the “sharing without relationship model”, wherein, different companies, freelancers and individual entrepreneurs can subscribe for a dedicated desk, hot desk or a private office option within a co-working center.
Examples: WeWork and Ucommune.
- Niche spaces have an industry specific target audience and such spaces are also known as “specialization spaces”. It brings together different companies from same industry. Example: Core Collection in Singapore is a Fitness co-working space.
- It fosters work-life balance in a work space. These spaces have holistic approach to work and its members have various perks which include gyms spaces, events spaces, restaurants & cafes and other discounts.
Example: The Hive in Australia has a cafe and rooftop on premise for yoga lessons. The center also organizes ski vacations and other holidays.
3. Offline Marketing Strategies Adopted by Flexible Workspace Operators that can benefit new players.
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- The flexible workspace operators can leverage on its existing client base for word-of-mouth marketing by providing discounts or goodies.
- Flexible workspace operators can partner with member companies or other companies to market each other’s product on their platforms. The partnership is based on lead generation.
- Listing flexible workspace brand on broker and aggregator portals can ensure targeting the right individuals. Broker Platforms: Coworker.com, Liquid Space, Co-work booking and others.
- Advertisements on various FM radio stations, newspapers and magazines.
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