MANILA -- Kuala Lumpur-based Common Ground is poised to invest between USD10 million to USD15 million to open 10 co-working space hubs in Metro Manila.
This was disclosed by Common Ground Co-Founder and Chief Executive Officer Juhn Teo during the launching of its first co-working facility in the country located at the 29th floor of ArthaLand Century Pacific Tower in Bonifacio Global City (BGC), Taguig City.
Teo said the company targets to set up bigger co-working spaces within Metro Manila in the coming years.
According to Common Ground Ana Lucia Aguila, the pioneer branch in the Philippines has a total area of 2,300 square meters that can accommodate 350 people.
Aguila mentioned that until early next year, Common Ground will open its new hubs in the central business districts of Ortigas and Makati.
“Metro Manila is the focus, but we’re very open to other cities,” said Common Ground Co-Founder and Chief Financial Officer Erman Akinci.
Akinci said there is a growing demand for co-working spaces in the country, with a market that is willing to pay to get vibrant co-working experience.
“We also look at the economic growth. The Philippines is doing phenomenally well right now. A lot of growth in business and SME (small and medium enterprise) sector,” he added.
Teo likewise echoed that the demand for shared offices and flexible working space is rapidly growing, particularly in Southeast Asia.
He mentioned reports from real estate service firms like JLL and Colliers that demand for flexible working spaces is growing 30 percent year-on-year.
Another study shows office space developers globally allocate 2 percent of its total area as co-working space. It is expected to grow to 30 percent by 2030, said Teo.
However, demand for co-working spaces in Southeast Asian markets will be even higher than the global figures, with the fast-economic growth in the region, Teo added. (PNA)
