The growth in the industry will be
driven by expansion in tier 2, tier 3 and regions outside CBDs. In countries
such as India, China, Japan and South Korea where the flexible workspace
operators have already expanded in the tier 1 cities, operators will now expand
their presence in other regions in the country.
Sydney, Hanoi, Ho Chi Minh City, Pune
and Hyderabad are the upcoming markets for flexible workspaces in APAC.
The business strategies of flexible
workspace operators in different countries are changing. In few countries
operators are shifting their focus from rental to non-rental revenue streams. Joint
venture model is gaining traction over the traditional lease model.
Expansion
in Tier 2 and Tier 3 Cities: In China Flexible Workspace operators
are expanding in tier 2 cities such as Wuhan, Chengdu, Nanjing, Hangzhou,
Suzhou and others. Tier 2 cities are also developing their own co-working
spaces such as Hi-Coffee from Chengdu and More+ from Wuhan. In India companies are focusing on expanding in cities
such as Indore, Bhubaneswar, Calcutta, Chandigarh, Kochi, Lucknow and others.
For instance, Incuspaze has centres in Indore, Kochi, Lucknow and Trivandrum.
Upcoming Cities: The supply of flexible workspaces in Sydney,
Hanoi, Ho Chi Minh City, Pune and Hyderabad are expected to grow at a CAGR of
18.7%, 18.0%, 17.6%, 16.5% and 16.2% during the period 2019-2025F. In 2019, penetration
rate of flexible workspaces in these five cities is below the average
penetration rate of 3.1% in APAC which is an indicator of future scope in these
markets.
Rental
to Non-Rental Revenue Streams: In countries like China,
Philippines, Vietnam and Australia the flexible workspace operators are
changing their focus from rental to non-rental revenue streams such as business
concierge services, accounting and bookkeeping, HR and payroll management, start-up
mentorship, marketing and co-branding and others in order to bring business
profitability and sustainability. In countries such as Singapore, India, Japan
and South Korea the members are unable to trust these services and therefore
this strategy is currently not working in these countries.
Changing
Landlord-Operator Relationship: The business model in the industry
is changing from the traditional lease model to joint venture model and
management model. Landlords are willing to form a revenue sharing partnership
with flexible workspace operators to cater to the flexible workspace needs of
their existing tenants and to also attract individuals from the growing gig
economy. In countries such as Singapore, that is facing a situation of tight office
space vacancy, landlords have an upper hand and they are not looking to form
joint venture relationships with the operators.
The report titled “APAC
Flexible Workspace Market Outlook to 2025- By Type (Hybrid Spaces, Serviced
Spaces and Co-Working Spaces), By Country (China, India, Japan, Philippines,
Australia, Vietnam, Singapore and South Korea) and By End Users (Enterprises,
MSME’s/Start-Ups and Entrepreneurs/Freelancers)” by Ken Research suggested that the flexible workspace industry in APAC
is growing owing to emergence of increasing funding, increasing demand from
enterprises, growing market consolidation, movement to tier 2 and tier 3
cities, increase in focus on non-rental revenue streams and Change in IFRS
Standards. The
market is expected to register a positive CAGR of 14.2% and 16.0% in terms of
supply and demand respectively during the forecast period 2019-2025F.
Key
Segments Covered:-
By
Type of Flexible Workspace
Serviced Spaces
Hybrid Spaces
Co-Working Spaces
By
Country
India
Bangalore
Delhi NCR
Mumbai
Pune
Hyderabad
China
Shanghai
Beijing
Shenzhen
Hong Kong
Chengdu
Guangzhou
Australia
Melbourne
Sydney
Japan
Tokyo
Singapore
South
Korea
Seoul
Philippines
Metro Manila
Vietnam
Ho Chi Minh City
Hanoi
By End Users
Enterprises
MSME’s/Start Ups
Entrepreneurs/Freelancers
Key
Target Audience:-
Flexible Workspace Operators
Office Brokers/Aggregators
Commercial Real Estate Companies
Venture Capitalist and PE Firms
Real Estate Consultant
Office Furniture Providers
ICT Providers
Time
Period Captured in the Report:-
Historical
Period – 2016-2019
Forecast
Period – 2019-2025
Companies
Covered in the Report:-
APAC
Flexible Workspace Market
IWG
WeWork
The Executive Centre
Compass Office
JustCo
Servcorp
Local
Players in India Flexible Workspace Market
Awfis Space Solutions
IndiQube
Smartworks
91Springboard
Innov8
Vatika Business Centre &
Co-working Spaces
InstaOffice
Local
Players in China Flexible Workspace Market
Ucommune
MyDreamPlus
Distrii
Kr Space
SOHO 3Q
People Squared
Atlas Workplace
Servoffice
Local
Players in Japan Flexible Workspace Market
ZXY
WorkStyling
Cross Office
Business Airport
LIFORK
Mitsubishi Estate (BRANDS:
Finolab, The Premium Floor, Inspired.lab, Global Business Hub, EGG JAPAN)
Expert Office
SENQ
Local
Players in Australia Flexible Workspace Market
Victory Offices
WOTSO Workspace
Workspace365
Corporate House
Asia Pacific Serviced Offices
Hub
Space & Co.
Christie Spaces
Local
Players in Singapore Flexible Workspace Market
The Work Project
The Great Room
Found8
ClubCo
Local
Players in Philippines Flexible Workspace Market
KMC Co-working Space
Clock In
Common Ground
vOffice
Project T Solutions
A-Space
Local
Players in Vietnam Flexible Workspace Market
Toong
Up Co-Working
G Office
Cogo Co-working
Dreamplex
eSmart
CirCo
Local
Players in South Korea Flexible Workspace Market
FASTFIVE
SPARKPLUS
BIZSQUARE & MoA
GARAGE
Heyground
Key
Topics Covered in the Report:-
Supply-Demand Analysis and
Supply-Demand Gap Analysis, 2016-2019
Value Chain Analysis
Revenue Streams
Organizational Structure of
Flexible Workspaces
Marketing Strategies
Supply-Demand Analysis and
Supply-Demand Gap Analysis, 2019-2025F
Competitive Landscape in APAC
Flexible Workspace Market
Emerging Business Model
Country Snap Shots
(Demand-Supply Analysis and Detailed Competitive Scenario including Heat Map
Analysis, Market Share Analysis
and Cross Comparison Analysis)
Success Case Study
Analyst Recommendation
For
More Information, refer to below link:-
Related
Reports:-
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
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