As we look to the future of the coworking landscape, we can see from investment and collaborations such as WeWork that it is an extremely profitable market.
Making nearly $1 billion in Revenue in 2017 and plans to open 200 new locations this year, WeWork is clearly making its mark.
Techsauce decided to ask our very own CoWorking developers, Co-founders of Hubba,(Amarit and Charle Charoenphan) The largest coworking spaces in Thailand about their predictions for the future of this exciting enterprise and business.
Space design with fragmented Spaces will consolidate as size matters Spaces will get bigger as more companies embrace coworking and value-added services will become more prominent.
Yes, I believe that more tech will be added where it adds to the community experience making moving between multiple locations and cities more seamless, encouraging and maintaining memberships easier and less labour intensive. It will also reduce labour costs.
Conservatively according to our research, the market will grow from 0.4% coworking space as a percentage of total office space in Thailand to around 1.6% in the next 4 years, if we look at the market trajectory that is experienced in HK and SG. Therefore, we believe that we can grow as the market expands.
Collaboration is at the heart and DNA of HUBBA. We are working with local startups and businesses to provide value-added services like legal, accounting, and others that will definitely benefit our members. We are working with Thai corporates to provide corporate startup partnership opportunities like office hours, pitching events, hackathons, accelerators and incubators to grow entrepreneurship nationally and beyond.
We are excited to see that there is investor interest in Real Estate Tech and that it will bode well for our fundraising. As the office space market is too big for 1 player and that the world needs more than one type of workspace, like hotels where you have multiple types of chains, boutique operators and bnb's that cater to every segment of the market we see no need to worry.
I see that crowdfunding and ICOs are increasingly interesting ways to raise funding but we have always planned HUBBA to be a company that operates profitably. Therefore, fundraising will be more than to accelerate growth but we are looking for strategic investors that believe in Thai entrepreneurs who understand the local and regional markets and have 6 years operating experience believing that we can scale and can help us achieve our scale as being one of the dominant players in the region.
I think there will always be room for traditional office spaces in a sense where an organisation wants to create an iconic flagship space, but the value of coworking will definitely become the norm. Think an emphasis on creativity, a proclivity towards collaboration, and helping each other grow. Regardless of the type of space, we really need to promote the culture of an innovative workplace.
No, I feel that the market is bigger than We work and that WeWork will help accelerate the excitement and interest in coworking. If we were worried about every new space that came on to the market, that means we must be undifferentiated and doing such a bad job that we should just go out of business.
I feel that if we continue to focus on serving customer needs, innovating our product and services and keep our culture healthy and the unique HUBBA experience, that we will continue to be considered a leader in the market. We also have a unique advantage of being the first coworking space in Thailand, and we’ve had the honour of helping develop the coworking culture along with entrepreneurship programs that we humbly believe set a certain standard or example.
We have many organisations that would like to join HUBBA but due to our lack of space, we were not able to accommodate them. Our waiting-list is so long that we are more concerned by how fast we can expand!
We love Southeast Asia as it is a market where we have worked extensively with some of the best operators in the market and through Techsauce Global Summit, our conference reaches every country in this region. I think we will see a HUBBA outside Thailand by 2019, if not sooner.
For more information on Thailand's biggest coworking space head over to http://www.hubbathailand.com/