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China flexible workspace market eyeing consolidation, as WeWork takes on Ucommune: Ken Research

by Cristoina Diaconu
March 23, 2022
in Business & Legal
RWES RWES RWES

China flexible workspace market eyeing consolidation, as WeWork takes on Ucommune: Ken Research

Key Findings

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  • The growth in the market will be driven by growth in IT and Finance Sector as they major occupiers of flexible workspace in China. The IT sector and Finance sector in China have been growing with a rate of 27.4% and 7.5% respectively in 2019.
  • It is expected that during the forecast period 2019-2025F, flexible workspace market in Chengdu, Guangzhou and Hong Kong on the basis of supply will grow with a CAGR of 15.1%, 15.1% and 14.4% respectively.
  • Emergence of new regional players such as Hi-Coffee in Chengdu and Compass Office and Garage Society in Hong Kong are driving the supply of flexible workspaces in these cities.
  • It is expected in the coming years; companies are going to shift their focus from rental to non-rental revenue streams such as Business Concierge, Accounting, HR, payroll and Task Management services and others in order to bring profitability and sustainability in business. This in turn will drive the demand of flexible workspaces by enterprises and MNC’s to save costs or provide mobility for staff.

In-Organic Growth: Flexible workspace operators with heavy financial backing have been following the strategy of mergers and acquisitions in order to expand their regional presence. For instance, Ucommune has acquired 6 flexible workspace operators in 2018 and WeWork acquired NakedHub in 2018 because of which it expanded to 23 new locations in China.

Increase in Enterprise Demand: There has been a rise in demand of flexible workspace by enterprises that are looking for customized office solutions on flexible terms. Enterprises are following ‘hub and spoke’ model wherein the corporate head office acts as a hub and flexible workspaces act as spokes.

Movement from Asset Heavy to Asset Light Model: Flexible Workspace Operators are shifting focus from lease model to asset light model such as joint venture revenue sharing with landlords, franchise model and management model. Companies such as Ucommune and MyDreamPlus promote asset light model and loss making SOHO 3Q sold 11 asset heavy locations and plans to expand using the asset light strategy.

The report titled “China Flexible Workspace Market Outlook to 2025 – Driven by Rise 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 rise business travelers, changing business strategies, growth in finance and IT sector, expansion in tier 2 cities, increasing number of localized operators, increasing average centre size and increasing demand from MNC’s and well known local companies. The market is expected to register a positive CAGR of 13.7% and 15.4% 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 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 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
  • China Flexible Workspace Market
  • China Joint Office Market
  • China Bespoke Office Market
  • China Serviced Office Market
  • China Hybrid Flexible Workspace
  • Shanghai Coworking Market
  • Beijing Coworking Market
  • Hong Kong Coworking Market
  • Shenzhen Coworking Market
  • Chengdu Coworking Market
  • Guangzhou Coworking Market
  • Shanghai Flexible Workspace Market
  • Beijing Joint Office Market
  • Regus Coworking Centers Hong Kong
  • China Office Market
  • Hong Kong Serviced Office Market
  • Beijing Serviced Office Market
  • Shenzhen Bespoke Office
  • Chengdu Joint Office Market

For more information, refer to below link:-

China Flexible Workspace Market

Related Reports:-

India Flexible Workspace Market Outlook to 2025- By Type (Hybrid Spaces, Serviced Spaces and Co-Working Spaces), By City (Bangalore, Mumbai, Delhi NCR, Pune and Hyderabad) and By End Users (Enterprises, MSME’s/Start-Ups and Entrepreneurs/Freelancers)

Rising real estate cost, Growing Gig Economy and Growing Entrepreneurship, Fluid Business Strategy, Influx of Foreign Companies and Increasing Number of Start-Ups led to the emergence of flexible workspace market in India. Market consolidation is currently taking place at a slower pace and the operators are venturing into new geographies including the tier 2 and tier 3 cities. The supply in India Flexible Space market has been growing at a double digit CAGR by space during the period 2016-2019. The market has been growing with the competition being fragmented owing to the presence of more than 300 flexible workspace operators in the industry.

Vietnam Real Estate Market Outlook to 2025 – By Office Real Estate Market (Grade A, Grade B and Grade C); By Retail Real Estate Market (Retail Podiums, District Centers and Shopping Centers); By Residential Real Estate Market (Apartment, Villas, Condominiums and Others) and By Hotel Real Estate Market (3 Star, 4 Star, 5 Star and Other Hotels)

The period of 2013-2016 was marked by a steady stream of supply be it office spaces, retail spaces or residential properties, owing to increasing GDP and FDI into Vietnam. As the demand started slowing down, the government enforced a major regulatory change to the real estate law in Vietnam, with a new regulation named the “Housing Law”, which allowed for foreign nationals to be able to own, rent and lease property if they had a stamped entry pass port and were not individuals entitled to preferential treatment or diplomatic immunity. As a result, it reduced the demand-supply gap. From 2017 and onwards, the total number of international players in each respective sub market increased. Newer segments such as condotels, housing societies, co-working spaces, smart and green buildings emerged. As the per capita GDP rose, the spending power of the people also rose thereby, resulting in rising rental rates and property prices and the market becoming more competitive. Young couples, IT & Finance Companies, high comfort tourism became the upcoming target markets for various real estate sub sectors.

UAE Real Estate Market Outlook to 2025 – By Office Real Estate Market (Premium, Grade A and Grade B); By Retail Real Estate Market (Super-Regional Malls, Regional Malls, Community Centers, Neighborhood Center and Convenience Center); By Residential Real Estate Market (Apartment and Villas) and By Hotel Real Estate Market (1-3 Star, 4 Star, 5 Star and Hotel-Apartments)

UAE’s real estate market is currently in its mature stage. The period during 2013-2016 was marked by a steady stream of supply, owing to the increasing GDP and increased demand in the market. Heightened rents led to a decrease in demand due to lacking affordability of the citizens and expatriates during 2014-2015. After the 2014 oil shock, the government has been actively attracting Foreign Direct Investment and expatriates to the UAE in order to diversify its economy away from oil generated revenues. The UAE Government launched the “Vision 2021” plan, for the economic and social development of the country. From 2017 and onwards, the total number of international players in each respective submarket increased. Newer segments such as townhouses, and co-working spaces, smart and green buildings gained traction in the market.

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)

The flexible workspace industry in APAC gained traction during the time frame 2016-2017 when the global market leader WeWork expanded in multiple geographies. The supply in the industry has been drastically growing during the period 2016-2019.  The industry has been evolving ever since its inception, with major trends in the industry being growing number of local players, changing amenity mix or amenitisation, increasing market consolidation, development of premium design workspaces at premium locations and increasing landlord participation.

Saudi Arabia Real Estate Market Outlook to 2025 – By Retail Real Estate Market (Super-Regional Malls, Regional Malls and Community Centre), By Hotel Real Estate Market (3 Star, 4 Star, 5 Star and Other Hotels), By Office Real Estate (Premium Offices Grade A and Grade B) and Residential Real Estate Market (Apartment, Villas, Traditional Houses and Others)

The Saudi Arabia real estate market was in crisis earlier due to the shortage in housing spaces, lack of mortgage law, decline in the oil prices and other factors. This has led to implementation of the first mortgage law in 2012, along with various government initiatives over the years. The government introduced various schemes such as Vision 2030 for increasing the foreign investment in the Saudi Real Estate Market. The main focus of government in this was to increase the presence of affordable housing for the Saudi people. In 2016, REITs were listed on the local stock exchange with the aim of increasing increase real estate contribution to GDP from 5% to 10 %. The year 2018 was witnessed to be a period of alteration in the entertainment sector of the Kingdom. It was a key part in the Vision 2030’s objective to enhance and diversify the past entertainment in the area. In line with this, the government announced various new reforms such as a new online visa scheme and other reforms to increase the tourism inflow in the region.

Contact Us:-

Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249

Contact Us:-

Ken Research
Ankur Gupta, Head Marketing & Communications
Support@kenresearch.com
+91-9015378249


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