WEWORK IS planning to launch a second hub in Makati City by the second quarter to take advantage of the robust demand for co-working spaces.
This after WeWork officially launched last week its first hub at Uptown Bonifacio Tower Three, Fort Bonifacio, Taguig City.
The New York City-based co-working space provider said it will open a 680-desk hub in RCBC Plaza, Makati City within the second quarter.
Turochas Fuad, managing director for WeWork Southeast Asia, said the company’s expansion is not just benefitting their members, but also contributing to the economy of the city where it is present.
During the WeWork Uptown Bonifacio launch, Mr. Fuad cited a survey done for the London market in 2018, wherein 81% of the members said WeWork helped them become more productive. Also, an average four-person company is also able to save 38% over traditional real estate options.
He also noted WeWork members in London are able to hire an average of 5.8 new employees since joining the co-working space.
“The whole social economic factor about how hiring, the 2.1x multiplier effect. I think that’s a great impact of what we’re trying to do. Not just WeWork, but because the fact that we put in a few other companies within each space. That few other companies hire an average of 5.8 people. That just balloons up in terms of the creation of jobs that we help manage contribute to,” Mr. Fuad told BusinessWorld after the company’s event on Feb. 19.
For its Manila operations, WeWork counts not just global enterprises but also local firms as members. These include education technology enterprise Edukasyon.ph, activities booking platform Klook and cashback reward start-up Shopback.
“We hope and we aspire to do big things in [the] Philippines and Southeast Asia. We aspire to do more. If we can contribute more then we can create more jobs and help our landlord partners to generate better yields and better returns… not only on the spaces that we take but to the entire asset that we own,” Mr. Fuad said.
Aside from Makati, Mr. Fuad said WeWork is also looking into opening hubs in Ortigas and other central business districts.
“We’re still looking for a few more… closer… low hanging fruit for us to execute the leases and partnerships with the landlords… there is plan for more in Manila and this year. A few more before the year ends,” Mr. Fuad said.
“We’re finding a balance of going really fast but at the same time really understanding what people are looking for so that when we build it it’s the right solution, it’s the right service, it’s the right fit for everyone,” he added. — Vincent Mariel P. Galang
