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Tag: WeWork

  • Vietnam among WeWork’s top markets in Southeast Asia

    Vietnam among WeWork’s top markets in Southeast Asia

    Vietnam is among the top countries in Southeast Asia for coworking space provider WeWork, growing by 8 percent since early last year.

    Most of its customers in the country are in technology, pharmaceuticals, and manufacturing, while financial organizations are among the new ones, Elizabeth Laws Fuller, WeWork’s head of growth in Southeast Asia said.

    It entered Vietnam in 2018 and now has two locations in Ho Chi Minh City out of its 30 in Southeast Asia.

    Vietnam is seeing rising demand for coworking space.

    A recent survey by WeWork and market research firm International Data Corporation found that 80 percent of companies plan to use coworking space in the next three years.

    Another reason for the improving figures in Vietnam is its success in containing the Covid-19 pandemic and sustaining economic growth, Fuller said.

    Many global corporations have been investing or expanding in Vietnam in recent years, and they have a demand for flexible workspace, she said.

    The pandemic has changed companies’ perception of coworking space, and in the long term customers would not be only small and medium-sized players but also large companies, she added.

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  • SoftBank Seeks $2.8 Billion From Japan Banks

    SoftBank Seeks $2.8 Billion From Japan Banks

    SoftBank Group is in talks to get as much as 300 billion yen ($2.76 billion) in financing from three banks.

    Mitsubishi UFJ Financial Group, Sumitomo Mitsui Financial Group and Mizuho Financial Group are currently in discussions with the investment company about its loans, various media reported.

    We are evaluating our options flexibly while considering cash on hand, said SoftBank spokeswoman Hiroe Kotera, who was quoted in «Bloomberg». Bank loans are one option, but nothing has been decided, she added.

    The loans are part of the company’s regular financing, said the newswire’s source, but Nikkei reported that SoftBank is raising money to pay for its $3 billion tender offer to WeWork shareholders.

    Last month, the investment firm agreed on a $9.5 billion rescue package for WeWork, in a deal that handed it 80 percent of the troubled co-working company. Masayoshi Son’s company reported an operating loss of close to $6.5 billion in the quarter, after writing down the value on a string of high-profile investments.

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  • UOB Partners With Chinese WeWork

    UOB Partners With Chinese WeWork

    UOB China partners with major Beijing-based co-working space provider Ucommune to provide its clients with favorable rental solutions while also accessing their new Chinese client base.

    In addition to access to over 200 co-working spaces in China, UOB’s startup and SME clients will gain preferential rates for office rentals and conference room bookings, member discounts and access various networking opportunities from Ucommune.

    The firm was founded in 2015 as «UrWork» and is currently the second-largest co-working space provider after WeWork.

    In exchange, Ucommune’s individual and corporate members will gain access to the UOB banking platform for various needs including FX solutions, wealth management products and virtual accounts. The two will also support Chinese startup and SME expansion in Southeast Asia.

    Ucommune is among a growing network of co-working space providers that UOB has partnered within the region. Others include Common Ground (Malaysia), WORQ (Malaysia), Toong (Vietnam) and 80RR Fintech Hub SG (Singapore).

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  • The We Company Debuts Made by We

    The We Company Debuts Made by We

    Co-working firm The We Company (previously WeWork) has opened a retail venture and public workspace in New York. The Made by We retail space, cafe and workplace can be used by anyone without the need for a membership, with workstations and meeting rooms available for rent by the minute. The work space features products made by current WeWork member companies available for sale, from apparel to snacks to audiotech gear. It also houses a Bluestone Lane cafe.

    While headquartered in New York City, The We Company has WeWork shared office spaces in major cities across Mainland China, Japan and India, as well as in Ho Chi Minh City, Singapore, Jakarta, Kuala Lumpur, Manila, Busan, Seoul and Bangkok.

    “Made by We was launched with a vision to connect the We community with the rest of the world, and provide people with the best on-demand workspace, services and products, no membership required”, said company partner Julie Rice.

    “Everything we do at The We Company, from the spaces we curate to the service offerings we provide, is intended to create meaningful human connections.”

    View the gallery below for pictures (7 images) :

     

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  • WeWork to hold big pitch contest

    WeWork to hold big pitch contest

    WeWork in Korea will hold the Creator Awards, a regional pitch competition, in partnership with the Seoul city government next February. It is the first time the global office-sharing company is hosting the competition with a city government. Seoul is expected to help in the event’s promotion.

    On Wednesday, WeWork announced the date and location for the Seoul Creator Awards, saying it will be held Feb. 28 at Dongdaemun Design Plaza, eastern Seoul.

    The award categories are performing arts, non-profit and business venture. Both WeWork and non-WeWork members can apply to participate in the competition, with a Jan. 10 deadline for submissions.

    In the performing arts and nonprofit categories, winners will be awarded up to $72,000. The entrepreneur award will top out at $360,000.

    ”We are all looking forward to be blown away by the innovative ideas and projects of enthusiastic creators at the Seoul Creator Awards that will make a real difference in the world,” said Matthew Shampine, general manager of WeWork in Korea.

    WeWork opened seven new locations in Korea this year and now has 11 buildings in the country. As of this month, it is an office provider to 1,500 companies in Korea. WeWork’s local team is growing rapidly, rising from 30 employees at the beginning of the year to around 160 today.

    “In 2019, we will continue to open new locations, such as WeWork Seomyeon [in Busan] and WeWork Hongdae, accelerating our expansion into new areas across Korea,” Shampine added.

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  • WeWork signs deal to open office in Busan next year

    WeWork signs deal to open office in Busan next year

    WeWork, a global shared work space provider, said Tuesday it has signed an agreement with Busan to make inroads into the country’s second-largest city next year. The company signed a memorandum of understanding (MOU) with the southeastern port city on Monday with a plan to open its first Busan branch in the Seomyeon area by the first half of next year, it said.

    WeWork said more locations, including in Centum City and Busan Station, will be launched down the road.

    “WeWork will contribute to creating jobs and global business opportunities as well as revitalizing the startup ecosystem in Busan,” Matthew Shampine, General Manager of WeWork Korea, said.

    Established in New York City in 2010, WeWork currently has over 300 offices in 23 countries, including 10 in Seoul. The first Korean WeWork office opened in 2016.

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  • US coworking space to set up shop in HCMC

    US coworking space to set up shop in HCMC

    WeWork, the third largest startup in the U.S., and the sixth largest in the world, is set to open a new office in HCMC late this year.

    In its latest report on the co-working space market in Vietnam, real estate firm Jones Lang LaSalle (JLL) said WeWork is looking to open an office on Doan Van Bo Street in District 4.

    The company recently did market research and customer surveys, JLL said.

    The office, to open in December, will be the largest co-working space in Vietnam at 5,000 square meters.

    JLL said the entry of global real estate startups is a positive sign.

    WeWork, valued at $20 billion last year, was one of the largest startups in the U.S., behind only Uber and Airbnb, and the sixth largest in the world. Founded in 2010 it has 250,000 employees.

    It had acquired Chinese coworking space firm Naked Hub for $400 million last April, expanding its reach into the Asian market.

    WeWork reported a rise in losses in the first half of this year to $723 million from $154 million a year earlier.

    But JLL estimates it would continue to expand.

    It said in its report: “We think Wework is likely to have a presence in most of the six Southeast Asia cities within the next 12 months. In addition, the company is likely to grow in terms of number of locations within each city as well.”

    Vietnam has seen the coworking space market expand in recent years.

    Major local operators like Toong, UP, Circo and Dreamplex are all expanding at an accelerated rate, and the number of smaller operators with just one venue is also increasing.

    The Hive, a coworking space maker from Hong Kong, is planning to open a new facility by the end of this year in Ho Chi Minh City. The company already has one office on Xuan Thuy road in District 2 in the same city.

    Real estate consultancy CBRE said the number of coworking offices in the country has grown by an average of 55 percent in the last five years.

    Most operators reported a very healthy 75-80 percent average occupancy rate as of last April.

  • SoftBank forms joint venture with WeWork

    SoftBank forms joint venture with WeWork

    Japan’s SoftBank has forged a joint venture with WeWork Companies to bring WeWork’s novel workspace as a service offering to Japan.

    The two companies will each own 50% of the joint venture, which will operate under the name of WeWork Japan.

    By entering Japan, WeWork will expand its global community and connect its more than 130,000 members to the innovative and growing Japanese market.

    “WeWork is disrupting preconceived notions of work styles and opening up myriad opportunities for the next generation of creators around the world by taking a scientific approach that fully utilizes the latest technologies,” said Masayoshi Son, chairman and CEO of SoftBank Group.

    WeWork, a platform for creators, has created an extensive global network of shared workspaces. The company provides an entirely new way to work by offering flexible space, services, and a connected community network to creators, entrepreneurs, small and medium businesses, and multinational companies.

    WeWork’s “space as a service” solution enables companies of all sizes to enter and exit markets opportunistically, grow and shrink office footprints according to their needs, and pursue new business lines and ideas in a way that best suits their particular needs.

    In offering its services in Japan, WeWork hopes to build connections between non-Japanese members of WeWork’s global network and the creators and businesses that drive the world’s third largest economy.

    WeWork has diversified its product offering to better accommodate the needs of enterprise companies, and more than 10% of Fortune 500 companies are members with WeWork.

    WeWork plans to launch its first location in Tokyo in early 2018. To oversee this launch and scale its Japanese operations, WeWork has appointed Chris Hill to serve as the CEO of WeWork Japan.

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