Let's work together

Once regarded as little more than a niche, flexible office spaces has evolved to become one of the fastest growing segments of the real estate business in Asia

- DIANA HUBBELL

When coworking spaces started cropping up in the US and EU in the early 2000s, many regarded them as a novelty. Designed to serve as an alternative to Starbucks for the small but growing contingent of the workforce no longer tethered to a fixed desk, these areas generally offered little more than wifi and a pot of coffee. By the time the concept migrated to Asia-Pacific, however, it was clear that coworking was more than a passing fad.

According to an independent 2019 report, more than 2.2 million people will be using coworking spaces around the globe by the end of this year. Memberships are also rising the fastest in Asia-Pacific, which saw a 150 percent increase in the number of coworking spaces between the years of 2014 and 2017. Jones Lang LaSalle estimates that by 2030, approximately 30 percent of the entire office market will consist of shared, flexible working spaces.

“This is a global trend. Flexible workspace is clearly the fastest-growing segment or trend within commercial workspace,” says Lars Wittig, the country head of Vietnam, Cambodia, and the Philippines for Regus & Spaces, which has roughly 150 coworking spaces in the region. “The speed of change has never been faster than it is today. If you are a startup, it is difficult to predict what your needs will be for the length of a conventional lease. Flexible working spaces allow for breathing room.”