Asia's shared office industry has improved well into the middle of 2019. According to Mingtiandi, Singapore-based company JustCo has added new centers in three select capitals in Asia starting January this year. It is currently looking to add more as the year moves into June and July, the next two months.
The rapid pace of development doesn't mean that the centers are empty too. According to reports, the company has all centers full. The financial backing it received from Singapore's GIC sovereign wealth fund, as well as Frasers Proeprty and Sansiri, proves to be well used. JustCo has recorded an average occupancy rate of 90% across all its centers.
JustCo founder and CEO Kong Wan Sing pointed out that the trend in "demand" from the co-working sector is driving the demand. That most Fortune 500 companies and other "traditional" large corporations are joining this trend is the driving force behind most of these centers being full to the brim.
The company has also expanded into other territories in Southeast Asia. JustCo is expanding in Taipei, creating new co-working spaces in different centers in the city. These centers are located in the Xinyi, Songshan, and Zhongshan financial districts. This expanded the firm's portfolio of assets to 32 centers in eight cities worldwide.
The expansion follows the company's announcement in January that it is creating branches in Australia and South Korea, according to The Business Times. The first co-working center is located within a new mixed development center in the Dian Shih building. The development is comprised of an upper floors office tower and a lower floor interconnected hotel, the Hanns House.
The second center is located at Minsheng Jianguo, within a "Grade A" building with the same facilities. Completing the rest of the assets is a third center which is located at the Hung Tai Financial Plaza, which covered 60,000 sq ft across two levels. The center will be having six meeting rooms as well as a 100-guest capacity event space.
The projects in the Southeast Asian region is only the beginning. The CEO is promising a series of follow-ups in the geographic expansion that it had done in the first four months of the year. This follow-up also covers the expansion and launch of its first location in Sydney. This ensures the expansion of more co-working spaces in the territories mentioned.
