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Co-working firms double share of office space in H1
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THE share of office space in Grade A buildings in Shanghai’s CBD taken by co-working space operators almost doubled in the first half of this year, global property adviser Colliers International said in a report released yesterday.
The co-working sector accounted for about 17.5 percent of space in the first half, compared with 9.1 percent in 2017.
“Co-working space operators have been accelerating their expansion pace in Grade A office buildings in Shanghai’s prime locations,” Timothy Chen, director of research for Colliers International’s East China operation said.
“Starting this year, as competition continues to intensify, many players are also turning to office buildings in non-core areas as well as some key neighboring cities such as Hangzhou, Nanjing and Suzhou to further strengthen their regional footprint.”
Fueled by continued robust market demand and backed by an influx of venture capital into the sector, which is still in its infancy, office sharing companies are becoming increasingly inclined to lease larger spaces.
The average space of a co-working location in the city’s Grade A buildings stood at around 7,102 square meters over the year through June, a notable increase from an average of 4,723 square meters per location recorded before the third quarter of 2017, according to Colliers data.
For instance, US-based co-working space pioneer WeWork leased about 16,000 square meters at Fuhui Tower in Lujiazui in the first quarter of 2018.
Kr Space and naked Hub, two major players in the local market — the latter having been acquired by WeWork in April — rented about 14,000 square meters and 10,000 square meters, respectively, in the second quarter of 2018.
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