- Continuing its global coworking expansion, Ucommune names Sheung Wan as its first Hong Kong location.
- Ucommune will occupy 15,898 sq ft at Grand Millennium Plaza, a 30-floor high-rise complex.
- Having merged with New Space last week, Ucommune now operates workspaces in 120 locations in over 35 cities, covering a total area of 4 million sq ft.
Flexible workspace operator Ucommune (formerly UrWork) has revealed further details of its expansion including its first location in Hong Kong, set to launch in Sheung Wan in February 2018.
The news comes on the heel of its recent C round funding, which raised $179 million, and its merger with New Space — resulting in China’s largest coworking network.
Following the opening of the company’s first coworking site in Singapore’s JTC LaunchPad in June 2017, Ucommune has confirmed its roll-out to Hong Kong. Occupying 15,898 sq ft at Grand Millennium Plaza, a 30-floor high-rise complex in Sheung Wan, Hong Kong, Ucommune’s first Hong Kong location provides 230 workstations and will open after the Chinese New Year in 2018.
Dr. Mao Daqing, founder and CEO of Ucommune, commented:
“By securing this deal, we take a foothold in the international financial hub with our flagship site in the heart of the city. It’s a strategic step that bolsters Ucommune’s position and facilitates easier people-to-people exchange between Hong Kong and the mainland.”
After its merger with New Space last week, owned by Hongtai capital, Ucommune now operates workspaces in 120 locations in over 35 cities, covering a total area of 4 million sq ft.
Coworking in Hong Kong has been booming over the last few years in response to the growth of social enterprises. Supply of coworking space has increased 42 percent to 983,000 square feet in the first 11 months of the year, with more than half or 499,000 square feet in grade A towers, according to figures from CBRE. As grade A office rents continue to grow in Hong Kong, coworking space operators provide reliable and flexible lease agreements that allow companies to maximize space and costs. CBRE’s Asia-Pacific Occupier Survey revealed that 64 percent of multinationals plan to use some form of third-party office space by 2020. Cost savings was cited as a driver, followed by leasing flexibility and collaboration.
Dr.Mao deems that the future working landscape is centered around decentralization, digitalization and decarbonization. Through sharing coworking spaces, profitable organizations can contribute to cutting the carbon footprint substantially while enjoying the benefits of community synergy and digital technology which improves operational efficiency.
“At Ucommune, our purpose has been and will always be to build a healthy eco-system and support the growth of start-ups and SMEs alike with nimble, efficient and quality services.
“We will achieve this through collaborating with more synergistic parties in the eco-system,” he says.
“Coworking has room to grow and we are here to stay. It complements the traditional workspace with an innovative edge and taps the business synergy through open sourcing at relatively lower cost. This offers ample opportunities for start-ups that would not be available in a traditional office setting.”