The co-working space is conquering China’s large cities. Co-working centres are growing at an exceptionally high pace, due to government policies, an entrepreneurial young workforce and commercial office rents that are too high for many small companies and start-ups.
In Shanghai and Beijing, already 500 co-working spaces exist. They have become very popular in a short time, since they offer shared workspace at low rents and a friendly, relaxed environment for small businesses and start-ups, usually with complimentary Wi-Fi and beverages for tenants.
The Shanghai Daily reports that the co-working boom is not only caused by high rents of ‘regular’ business offices. The government is encouraging mass entrepreneurship and with the help of technology, young entrepreneurs can work anywhere.
The trend only started last year. In early 2015, commercial real estate developer SOHO China first launched its 3Q co-working brand. Now the largest operator of co-working space in the country, the company first offered more than 600 seats in each of Beijing and Shanghai.
Prices of co-working spaces start around $200 a month. Naked Hub, the co-working arm of naked Group, charges around 1,800 yuan (US$265) a month for a non-designated seat in a public area and about 4,800 yuan for a designated seat in a room shared with a few others. Other brands like SOHO 3Q, SOHO China and Urwork have similar rates. Shanghai Daily reports that the US co-working brand WeWork from the US is expected to team up with Sino-Ocean Land to expedite its expansion in the Chinese market.
Further reading on shanghaidaily.com
Image by Eterna S, via Wikimedia Commons