China Flexible Workspace Market is Driven by Increase in Demand from Enterprises and Growing Gig Economy: Ken Research

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“Evolving workforce, changing business scenario and aggressive geographical expansion by foreign and regional operators have driven the China Flexible Workspace Industry”.

Evolving Workforce: Changing technology has evolved the modern workforce. It has lead to the development of a gig economy and the concept of teleworking. There are increasing numbers of start-ups and freelancers in China who are looking for affordable office space on a flexible basis. Co-working spaces provide the right environment for the changing workforce to make business partnerships and are also dedicated to providing business assistance services at a nominal fee. The number of unicorn start-ups (start-ups with a valuation of more than USD 1 Billion) in China has increased from 56 in 2017 to 206 in 2019.

Changing Business Scenario: Changing business scenario and increasing competition, enterprises are constantly strategizing to venture into new markets and new products. This has lead to an increase in demand for flexible workspaces and customized managed offices by corporate enterprises. Enterprises are changing into the ‘Hub and Spoke’ model; with corporate head office acting as a hub and flexible workspace act as spoke for employees to work remotely. An increase in focus on employee satisfaction and efficiency has also lead to an increase in demand for flexible workspaces by enterprises.

Aggressive Geographical Expansion: Foreign and regional operators have been focusing on increasing their network of co-working locations by expanding to different cities in China. Flexible Workspace operators such as Ucommune, Distrii, WeWork, Regus, and others are also expanding in tier 2 cities such as Wuhan, Chengdu, Nanjing, Hangzhou, Suzhou, and others. Local real estate companies are installing their own co-working brands such as CR Union by China Resources and COFCO FANTASY by COFCO Property. Localized operators such as Compass Office from Hong Kong, People Squared from Shanghai and MyDreamPlus from Beijing have been expanding to other cities in China. As of December 2019, Ucommune has expanded to 150 locations and Regus and WeWork have expanded to more than 130 and 110 locations respectively in China.

 The report titled “China Flexible Workspace Market Outlook to 2025 – Driven by Rising in Co-working Supply and Shift towards Non-Rental Revenue (Concierge, Accounting, HR, payroll and Task Management services)” by Ken Research suggested that the China Flexible Workspace Market has been increasing due to the increase in participation from local real estate developers, an increasing number of unicorn start-ups, the entry of major local and international player’s post-2015, increasing commercial office rents in tier 1 cities, changing work-style and increasing demand from large enterprises. The market has registered CAGR of 34.7% and 42.0% on the basis of supply and demand respectively during the period 2016-2019.

Key Segments Covered:-

By Type of Flexible Workspace

Serviced Spaces

Hybrid Spaces

Co-Working Spaces

By City

Shanghai

Beijing

Shenzhen

Hong Kong

Chengdu

Guangzhou

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:

Flexible Workspace Operators

Ucommune

Regus

 WeWork

MyDreamPlus

Distrii

Kr Space

SOHO 3Q

The Executive Centre

People Squared

Compass Office

Servoffice

Atlas Workspace

Key Topics Covered in the Report:-

Need and Pain Points Leading to Emergence of Flexible Workspace Industry in China

Existing Gaps in China Flexible Workspace Market

Value Chain Analysis

Emerging Business Model

Revenue Streams

Organizational Structure of Flexible Workspaces

Marketing Strategies

Supply-Demand Analysis and Supply-Demand Gap Analysis, 2016-2019

Competitive Landscape in China Flexible Workspace Market

Supply-Demand Analysis and Supply-Demand Gap Analysis, 2019-2025F

Success Case Study

Analyst Recommendation

For More Information, Refer To Below Link:-

China Flexible Workspace Market Outlook

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