Thursday 07 Dec 2023
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KUALA LUMPUR (March 17): Malaysia-based coworking space operator WORQ has officially opened its fifth coworking space outlet at Menara 1 Sentrum, KL Sentral. Spanning 34,000 sq ft, this new outlet occupies Levels 20 and 21. Each floor can accommodate up to 300 pax at a time.

WORQ will also launch three more outlets this year, two in the fringes of Kuala Lumpur spanning 15,000 sq ft and 32,000 sq ft respectively, as well as one in central Kuala Lumpur spanning 20,000 sq ft.

In her opening speech, WORQ’s chief executive officer and co-founder Stephanie Ping said the opening of its fifth outlet is in line with the current market demand for coworking spaces. “We have continued to see strong demand at all our WORQ outlets, proving that companies are looking for agile solutions that solve their real estate issues,” said Ping.

Ping said: “The launch of our newest outlet in KL Sentral is on the back of continued strong demand from the business community in Malaysia, and we are excited to see more large scale enterprises understand the benefits of flexible workspaces for their teams.”

A meeting room in WORQ KL Sentral Level 20 (Photos by Sam Fong/The Edge)

She highlighted that WORQ KL Sentral has achieved an occupancy rate of 80% for its private suites prior to the official opening. According to Ping, the tenancy for WORQ’s spaces has a maximum limit of up to three years on a membership basis. The price rate for these memberships is subject to type of space, size of space and facilities, among others.

Meanwhile, Minister of Natural Resources, Environment and Climate Change Nik Nazmi Nik Ahmad, who officiated the ceremony, said coworking spaces are a form of sustainable real estate. “It allows landlords and tenants to have flexibility in using the spaces, especially in light of the prevailing surplus of office spaces in Malaysia, which has surged to 26% last year,” said Nazmi.

During the press conference, WORQ’s chief finance officer and co-founder Andrew Yeow said all of WORQ's outlets are located near public transportation hubs, including train and bus stations. “We also look for buildings that have a lot of parking spaces as well as other surrounding amenities. When we search for a location to start a WORQ outlet, we’re [aiming] at building communities and increasing the demand for that type of real estate.”

Yeow shared that WORQ's outlet in Menara 1 Sentrum is located in a certified green building with an environmentally friendly design that incorporates the use of sustainable low-emitting materials, and energy-saving features to assist tenants in reducing their environmental impact.

WORQ’s Ping added: "Recognising the current state of the office market is crucial as there has been a significant increase in office vacancies to 33 million sq ft between 2016 and 2022, leading to a substantial capital loss of approximately RM10 billion. This situation has had negative impacts on our economy."

Ping stressed: “At WORQ, we understand the importance of addressing this issue, and our coworking solutions provide a practical approach by repurposing unused office spaces. By converting these spaces into coworking spaces, we can increase demand and alleviate the oversupply of office spaces. As more businesses adopt the flexibility and convenience of coworking, we strongly believe that coworking spaces will play a critical role in driving office space growth. In fact, a recent survey by CBRE showed that 70% of businesses will be users of coworking spaces within the next two years.”

Edited ByHannah Rafee
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