Leading creator community giant WeWork recently opened its newest office space in China on Wednesday. The new space is located in the country's capital city of Beijing. It is the company's 19th office space in Beijing alone.
Industry and market analysts said that the opening of WeWork's new Beijing space is part of the company expansion effort. It is also important to note that this new space was opened in a time when the demand for shared workspaces continues to grow globally. While a relatively new concept for the Chinese market, shared workspaces for technology startups is slowly getting some attention in the country.
WeWork's newest office space is located in the International Electronics Headquarters in the northeast part of Beijing, otherwise known as the Beijing Electronics Zone. These new community workspaces have more than 1,300 available workplaces. It has also attracted quite a number of customers, a number of which are from emerging industries like gene testing.
WeWork General Manager of North China Operations Conan Quan said that Beijing is a city where innovation is completely embraced by many tech startups. As such, the company did not find it hard to integrate its business into the local tech industry despite offering a relatively new concept of an office workspace. Quan believes that WeWork can play a more fundamental role in terms of helping to nurture Beijing entrepreneur market and help improve business efficiency. Evidence of this is the fact that almost half of WeWork's customers in Beijing are working on the city's leading firms.
WeWork has been quite busy in its expansion projects in China since opening its first workspace in 2016. The company's first workspace was established in Shanghai. As of this writing, the company now has more than 70 communities located in eight Chinese cities. Among these are located in Hong Kong, Wuhan, Chengdu, Hangzhou, and Shenzhen. The company has also expressed its intention to expand to the cities of Xi'an, Nanjing, and Suzhou within this year.
Following the opening of its newest workspace, WeWork also released market data for the 2018 fiscal year. According to the report, the company's revenue last year more than doubled compared to the year before. The company's operations outside of its native country of the United States accounted for 43 percent of its total revenue during the fourth quarter of 2018.
WeWork is an American company that provides shared workspaces. The company was founded in New York in 2010.
