Beijing-based shared office provider to add new Shanghai location

Beijing-headquartered co-working space provider Kr Space said it plans to open 12 new locations in Beijing and Shanghai over the next three months to expand its footprint.

Beijing-headquartered co-working space provider Kr Space said it plans to open 12 new locations in Beijing and Shanghai over the next three months to expand its footprint, including space in the Lujiazui financial district in Shanghai.

The Beijing-based Kr Space, a spin-off of Alibaba-backed technology and startup news portal and online community 36Kr.com, said in January it has raised 600 million yuan (US$92 million) to accelerate its expansion.

It will also add at least three overseas co-working locations in Singapore, Hong Kong and Tokyo and currently operates nine co-working spaces in Shanghai.

Seven floors of shared office space in the One Hennessy building in Wan Chai, Hong Kong redesigned and operated by Kr Space are scheduled to be available next year.

Its investors include IDG Capital, China Minsheng Investment Management and Gobi Partners. The company is also hoping its close relationship with 36Kr will provide extra incentives for start-ups to move into its new office spaces.

Co-working space would make up as much as 30 percent of commercial property space by 2020, according to president of Kr Space Zhong Shu, and the flexibility, relatively low operation costs and smart office space management systems would attract medium- and small-sized businesses. 

He expects the total floor area of shared working spaces to reach 50 million square meters by 2020.

By the end of next year, Kr Space aims to cover 1.5 million square meters of co-working space and 220,000 workstations, and it currently operates 40 co-working locations in nine mainland cities including Beijing, Shanghai, Hangzhou, Nanjing and Wuhan.

WeWork, an international co-working space provider, said last month it has acquired naked Hub to consolidate and accelerate its local presence.

Beijing-based rival Ucommune also combined with another smaller local rival and currently has a presence in more than 30 domestic cities.

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