In The Loop: Ucommune, PivotDesk, CBRE, And Coworking In APAC

China-based coworking operator, Ucommune, is planning a $3 billion initial IPO in Nasdaq

Ucommune Seeks IPO
Deal Street Asia reported this week that China-based coworking giant, Ucommune, is seeking a $3 billion valuation in a planned initial IPO. According to the report, Ucommune “is going ahead with a New York IPO after previously considering going public in Hong Kong.” The company currently operates 200 locations across 37 cities and hopes to expand to 350 cities within the next three years.

Industrious Sold PivotDesk to SquareFoot
SquareFoot, an office space search platform, announced this week that it bought PivotDesk from coworking company, Industrious. Industrious bought PivotDesk in March, 2017, however it shut down the office-sharing marketplace’s operation in October of last year. SquareFoot will keep PivotDesk as a standalone brand.

CBRE’s Hana to Launch in Dallas
In November, 2018, CBRE announced that it would be launching its own coworking brand in 2019. This week, the global real estate giant announced that its first Hana location will be located at PwC Tower at Park District in Dallas, Texas. The first Hana coworking space is expected to open mid-2019 and it will take up 3 floors of the building.

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Hubud and Dojo Bali Merge
The Asia-Pacific region is booming with flexible workspace activity as operators strive to keep up with demand. This week, Indonesia-based coworking space, Hubud, announced that it has merged with fellow Bali-based coworking space Dojo Bali.

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