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Co-working spaces? KL leads the region.

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“Not all businesses are suitable for co-working spaces.” “It will appeal only to millennials.” “I need a proper office to meet customers.” The last reason is more proper but is also very selective. I own an auction house based in Solaris Mont Kiara. I have done auctions for properties, banknotes and coins and even special car number plates. The rental in Solaris Mont Kiara is certainly on the high side BUT the reason to have it there is because some of our high net-worth consignors prefers an office which is easily accessible. So far, all of them are okay with our office location. For a business, it gives a good branding too and somehow people just feel more comfortable that way. However, given a choice, I would prefer to have my office in one of those cosy co-working spaces in the Klang Valley instead. Nope, I am not a millennial… Haha.

Article in worldpropertyjournal.com In 2018, flexible workspace centre supply in Kuala Lumpur grew by 36%, making it the fastest growing key city in the APAC region, outpacing fast-growing markets in Gurugram, Chennai (both are Indian cities) Brisbane, Hong Kong, Sydney and Singapore. Last year in Kuala Lumpur, supply of hybrid office space increased by 31%, while pure co-working space and serviced offices saw 10% and 7% growth respectively. An average desk rate of RM 886 across the city indicates the strength of the market. Some areas indicated in the article where its good for businesses include Damansara Heights, Bangsar South, Mont Kiara, Petaling Jaya and Subang Jaya. The article has much more information and reasons for these sites as above. Read it all here. Article in worldpropertyjournal.com

Growing the fastest can mean the people (new businesses / startups) here are embracing it like a natural progression thing instead of setting up an office at home. It could also mean we started from a much lower base compared to all those other cities. Let’s believe there are now much higher acceptance for these co-working spaces shall we? In fact, if we are to look into the cost per desk, actually it’s lower than what the article indicated. Yes, I actually called up a few before to ask. They are NOT in the most prime areas. Perhaps currently there are many new players in the market offering much better introductory offers and it skewed the prices a little. Hopefully all the SMEs and startups are aware of all these newer and be far cheaper to start options. Instead of having all these thoughts and expenses: security, renovation, office furnishings, receptionist and more, perhaps co-working space is a better choice to start. Happy following.

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<Featured Image is courtesy of Stock Photos from Marish>

Article written and edited by Charles. News article summarised by Dina Batrisyia.

written on 11 April 2019

Next suggested article: 197 malls in Kuala Lumpur by 2021. Killing one another?

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