Global inflationary pressures are pushing corporations to be “more nimble” with their company actual property portfolios, in accordance with WeWork.
“That … has put the need for companies to look at flexibility in managing and thinking about their workspace,” mentioned Samit Chopra, the coworking firm’s worldwide president and COO.
“Which is of course, guided by a revolution in the entire work culture and the hybrid work phenomenon that has taken place over the last few months.”
Speaking to CNBC’s “Street Signs Asia” on Tuesday, Chopra mentioned that as corporations attempt to deliver at-home workers again into the workspace, they’re targeted on constructing engagement and a “collaborative culture.”
“That has therefore resulted in many companies, large and small, enterprise clients, freelancers, start-ups … to look at the flexible space sector and companies such as WeWork much more favorably than we saw in the last, say, three years ago,” he added.
“What that has completed … is it has skyrocketed the demand for versatile workspace for us internationally.
Last month, WeWork reported revenue growth of 37% from a year ago to $815 million for its second quarter. Its quarterly net loss also shrank 31% from a year ago to $635 million.
The enterprise segment, made up of large Fortune 500 and 100 companies, represent a big portion of WeWork’s global business, said Chopra.
“Last yr, the enterprise section represented greater than 45% of our international enterprise. That a part of our enterprise has grown considerably during the last 2½, 3 years.”
Singapore ‘a major market’
On Tuesday, WeWork launched its Asia flagship asset in Singapore – leasing a 21-story prime office building.
Chopra said this underscores WeWork’s belief in Singapore as “a longtime international financial hub.”
Its location is also well-positioned to attract large enterprise clients, small businesses and freelancers, he added.
“Singapore is … a serious marketplace for us within the Asia area and Asia as a area is a giant a part of our international enterprise.”
Source: www.cnbc.com”