Thriving In Smaller Markets
Since the conception of coworking in 2005, shared workspaces have taken the world by storm. The trend that initially evolved in the USA has caught up across the oceans. These days, every continent boasts a plethora of coworking spaces. Asia shows the fastest pace of growth in the world as far as shared venues are concerned. Let’s have a look at the coworking trends Asia Pacific has set.
Let’s start with the statistics.
During the period of 2014 to 2017, there was a 150% increase in the number of coworking spaces in this area. Let's take India as an example. In August 2018, 8 venues opened and in the following month, 14 new coworking spaces came into operation. About half of those coworking spaces are new businesses, while another half is made up of global chains like WeWork and local coworking venues that have expanded their reach. Considering the fact that WeWork opened its 4 new offices in India in just two months, an addition to 25 existing WeWork locations, coworking in this part of the world is indeed growing in leaps and bounds.
The increase in the number of office spaces is fueled by the ever-increasing demand in coworking venues. In Asia-Pacific, memberships are growing at a higher than global average of 40%.
Asia is home to over half of the world’s population, and it’s not surprising that it is a market with enormous potential and highly skilled professionals. Thanks to the flexible work strategy it offers, coworking attracts people of different backgrounds and domains, and prevailing tendencies in the world economy shape local coworking trends.
Just like in the USA and Europe, more and more companies of different sizes choose coworking spaces as their home base. By contrast, a share of freelancers and independent contractors has dropped by 15% over the last 3 years.
Workspace operators benefit from working with local developers. Workspace operators are responsible for creating business plans, providing training and technology to workers. They independently invest into coworking spaces and give life to shared offices that are well thought-out and offer a great working environment with outdoor event spaces, fitness centers, health clubs, and retail spaces that all add value to the development.
Just like their American and European counterparts, coworking spaces in Asia place a great emphasis on innovation and creation of thriving startup communities. Incubators and various accelerator programs are not uncommon. One of such examples is Unilever’s Level 3 in Singapore. Coworking starts taking deep root in South-East Asia that boasts tech-savvy population. Thanks to governmental support, incubators and accelerators are proliferating in Vietnam, the Philippines, Malasia, and Indonesia.
All in all, coworking trends Asia Pacific shows follow the pattern that is typical of coworking in the Western Hemisphere. With a large market, fast-growing economies and a lot of human potential to unlock, coworking spaces in Asia have even a brighter future ahead.
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