Coworking in Asia - The fastest pace of growth in the world
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Honey J. Kathuria is the founder of Kowkr, a platform based in Hong Kong and Mumbai listing coworking and shared office spaces. Asian coworking brands are in the steps of WeWork and the number of square meters dedicated to coworking is growing very fast.
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Coworking in Asia - The fastest pace of growth in the world
- 1. Coworking in Asia: growing and evolving faster than in other regions of the world Honey J Kathuria Founder: Kowrk.Com Asia’s largest platform to connect users & providers of shared work spaces
- 2. Coworking Industry is Growing https://www.statista.com/
- 3. Growth Indicators • USA: 27 million sq. feet of shared workspace1 ~40% of the American workforce are independent contractors, freelancers, or are not otherwise traditionally employed 1:http://www.us.jll.com/united-‐states/en-‐us/research/property/office/coworking-‐space-‐the-‐landlord-‐perspective 2:http://www.business-‐standard.com/article/economy-‐policy/co-‐working-‐spaces-‐to-‐grow-‐50-‐in-‐2017-‐says-‐jll-‐india-‐chief-‐117072000719_1.html 3: Kowrk.com PHM Analysis
- 4. Growth Indicators • USA: 27 million sq. feet of shared workspace1 ~40% of the American workforce are independent contractors, freelancers, or are not otherwise traditionally employed • India: coworking spaces to grow by 40-‐50% to 1 million sq. feet2 1:http://www.us.jll.com/united-‐states/en-‐us/research/property/office/coworking-‐space-‐the-‐landlord-‐perspective 2:http://www.business-‐standard.com/article/economy-‐policy/co-‐working-‐spaces-‐to-‐grow-‐50-‐in-‐2017-‐says-‐jll-‐india-‐chief-‐117072000719_1.html 3: Kowrk.com PHM Analysis
- 5. Growth Indicators • USA: 27 million sq. feet of shared workspace1 ~40% of the American workforce are independent contractors, freelancers, or are not otherwise traditionally employed • India: coworking spaces to grow by 40-‐50% to 1 million sq. feet2 • Hong Kong: Area occupied by coworking spaces as a% of country area is the highest in the world3 1:http://www.us.jll.com/united-‐states/en-‐us/research/property/office/coworking-‐space-‐the-‐landlord-‐perspective 2:http://www.business-‐standard.com/article/economy-‐policy/co-‐working-‐spaces-‐to-‐grow-‐50-‐in-‐2017-‐says-‐jll-‐india-‐chief-‐117072000719_1.html 3: Kowrk.com PHM Analysis
- 6. WeWork is in Lead July 2017: $20Bn https://www.statista.com/
- 7. Asian players are not behind • Naked Hub + Just Co: largest premium coworking space operator in Asia. • UrWork + New Space: biggest coworking space chain in China
- 8. Asian players are not behind • Naked Hub + Just Co: largest premium coworking space operator in Asia. • UrWork + New Space: biggest coworking space chain in China • The Hive: Strong SEA player in HK, BK, SG, VN • Many local players are being funded – Awfis, Toong, Worq, Spacemob
- 9. Users of Coworking Spaces 41% CAGR *http://www.smallbizlabs.com/: Emergent Research
- 10. Comparative overview across the globe
- 11. The Opposite Sides • Coworking prices in Switzerland are currently the highest in the world at ~600 USD per month
- 12. The Opposite Sides • Coworking prices in Switzerland are currently the highest in the world at ~600 USD per month • The cheapest country for coworking in the world is Cambodia (~85 USD per dedicated desk per month). • In 2016, ??? was the cheapest.
- 13. The Opposite Sides • Coworking prices in Switzerland are currently the highest in the world at ~600 USD per month • The cheapest country for coworking in the world is Cambodia (~85 USD per dedicated desk per month). • In 2016, India was the cheapest.
- 14. The Opposite Sides • Coworking prices in Switzerland are currently the highest in the world at ~600 USD per month • The cheapest country for coworking in the world is Cambodia (~85 USD per dedicated desk per month). • In 2016, India was the cheapest. • Hong Kong is one of the most expensive country to cowork in Asia (~450 USD)
- 15. New York -‐> London -‐> Hong Kong
- 16. New York -‐> London -‐> Hong Kong NY ($520) is most expensive followed by HK ($450) and London($350)
- 17. India Flavor
- 18. Growth in the last 2 years -‐ Mumbai Mumbai, Bangalore, and Delhi NCR collectively host 70% of the startups in India • Mumbai: The most expensive city for coworking in India (~135 USD). • <15 spaces in 2015 -‐> 50+ spaces in 2017 • 35% price increase
- 19. Growth in the last 2 years -‐ Bangalore • Bangalore: Coworking prices increased by 50% • highest variation of coworking prices in India ($40 -‐ $300 pm) • Majority of new spaces opened in ‘outskirt’ areas
- 20. Growth in the last 2 years -‐ Delhi • Delhi: 100% increase in number of spaces • Coworking cost remained stable • Least variation in coworking prices • Highest concentration in South Delhi & Noida