JustCo To Bring 100 Centers Throughout Asia By 2020
If you did not know or understand the concept of coworking spaces, you are in for a surprise because the entire concept is booming and there is an increase of coworking spaces throughout Asia. Things are not stopping and in recent news, it has been revealed that Singaporean coworking space firm called JustCo has announced that it will bring 100 new coworking space centers throughout Asia by 2020- That is just 2 years away from now.
According to the Chief Executive of the company, Kong Wan Sing, JustCo is looking to expand and it will not just bring new spaces in Asia but is also on the lookout to buy firms that have the same operations as its. While speaking to Reuters, he said, “We are looking into new companies in order to improve our flexibility”.
JustCo is not a new name in the coworking space domain as previously, it opened its first center outside Singapore in Thailand. It has also announced that it will be launching new centers and offices in the country as well including one in Shanghai and Jakarta as well. This is a move expected to come to life by the end of this year. It is constant move and improvement for JustCo and it won’t be settling any time soon as the company also announced that it will be launching about 50 centers in Asia by next year. The minimum space, they revealed, will be 3000 square meters.
JustCo might be running to make sure that it dominates the market in Asia, which is starting to experience a high increase in coworking spaces. The company announced that it will be launching new spaces to make sure people do not have any deficit of these.
According to Kong, corporations make up about 70% of their clients and that is a huge number. At the moment, other operators are also operating in Asia but according to Kong, these operators have entrepreneurs, companies and also freelancers as their clients. Things are different for JustCo, which is dominating the corporation side as of now.
Asia has had an immense rise in the demand of coworking spaces and a large number of people are making a switch towards it to avoid extra costs of operating an rental office space or setting up one. It makes perfect sense and that is the reason why people want to rent an office space for their office rather than buy a new one. It has also been reported that coworking spaces are bringing a large chunk of revenue in Asia. As of now, they are drawing over billions of dollars worth of capital in the sector.
Another proof of the fact that coworking companies are expanding in Asia is the fact that WeWork, a New York based company, acquired Spacemob, a Singaporean company and announced that it will be investing $500 million (US dollars) in the country as far as coworking spaces are concerned. This investment will be coming directly to Asia and South Korea.