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Southeast Asia Expansion Plans Laid Down By Office-Sharing Firm WeWork


06/06/2018


Southeast Asia Expansion Plans Laid Down By Office-Sharing Firm WeWork
Southeast Asia is the new targte market for expansion for the U.S. based office sharing firm WeWork. The company is looking to aggressively expand into this region.
 
The company had first set foot in this market in December last year with the setting up of a bran din Singapore. The company which is based in New York is known for its spacious buildings which comprises of private offices and desks which the company rents out to freelancers. In addition to the first brand, within the last 6 months, the company has already opened up seven more branches in various areas of the city-state. Additionally, the company has also opened up three sites for renting in Jakarta, the capital city of Indonesia – one of the emerging markets in Southeast Asia,
 
The company already has drawn up plans for offering more building facilities to freelancers in Singapore. Following that expansion services would also be opened up in Bangkok. This information was shared with the media by WeWork Managing Director of Southeast Asia Turochas "T" Fuad on Wednesday. He added that there could also be expansion of its services in Manila and Kuala Lumpur.
 
Elsewhere in Asia, the company already has made its presence felt. The company started its China operations in 2016 and had set up business in India in 2017.
 
The company anticipates strong economic growth and consequently strong demand for its services in Southeast Asia which has driven the company to formulate the aggressive expansion plans, Fuad said.
 
"The whole concept of urbanization, the whole sharing economy concept is definitely migrating towards the commercial sector," he said. The company has noted that its clientele in the region – those who are taking up rented office space, are composed of both international companies as well as local start-ups.
 
He also added that the company’s services are being preferred by more Chinese and Indian companies.
 
There is a massive tech boom in the region at the present moment. The boom is especially visible in the last few years in the segment of e-commerce because of every increasing rates of internet penetration in the region.
 
The copany has also taken up a strategy of diversification. In this effort it is also taking measures to design, build and operate offices on behalf of some of the major corporations. The company has christened this program as "Powered by We."
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Faud said that taking WeWork to global enterprises is the essential aim of
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"Powered by We" program. Es an example, he cited that company’s engagement and work for Standard Chartered in Hong Kong.
 
"Ultimately, large companies want to be as nimble as start-ups", he said.
 
(Source:www.cnbc.com)


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