Friday 24 May 2024
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KUALA LUMPUR (Feb 21): Co-labs Coworking is eyeing to double its total space under management to 300,000 sq ft across Malaysia in the next two years, its director Benjamin Teo told the press at the official launch of the seventh Co-labs Coworking space at The Five in Damansara Heights, Kuala Lumpur, on Wednesday.

Co-labs Coworking is a brand under Paramount Coworking, a subsidiary of Paramount Corp Bhd. Teo is also the deputy CEO of Paramount Corp.

According to Teo, the homegrown brand is currently managing a total space of 167,000 sq ft across Klang Valley, of which the latest addition at The Five offers 15,407 sq ft across two levels with a capacity of 256 seats, three meeting rooms and an event hall.   

“From our first location of 4,000 sq ft in 2017 to 167,000 sq ft today, Co-labs Coworking is one of the top three coworking space operators in Malaysia in terms of total space under management. We are poised to grow further beyond,” Teo said during the press conference.

He shared that the company is now in the final stages of negotiations for the eighth location, which is located in the Klang Valley and within a transit-oriented development. “We aim to launch [the eighth location] by the middle of the year. For our members, it means they can cross-locate under our Co-labs Coworking passport system, which means a bigger community and more opportunities for collaboration.”

Commenting on the market outlook, Teo is bullish on Malaysia’s flex and co-working space industry as only 2% of the current total office space comprises flexible offices. “Our bullish thesis is that this will grow to 10% to 15% in the next five years. We are eyeing to double our total space to 300,000 sq ft in the next two years, and we are open to any potential locations in and beyond Klang Valley,” he shared.

When choosing a location for the brand's coworking space, Teo said that the team prioritises addresses with easy access to lifestyle amenities as well as close to public transportation.

“Location is very important. It has contributed to the good average occupancy rate at our five locations, which is at 75%,” Teo noted. The five locations are Co-labs Coworking The Starling (20,000 sq ft), Co-labs Coworking Naza Tower (28,000 sq ft), Co-labs Coworking Shah Alam at Sekitar 26 (35,000 sq ft), Co-labs Coworking The Starling Plus (15,000 sq ft) and Co-labs Coworking Tropicana Gardens (24,000 sq ft).

Meanwhile, Co-labs Coworking Ken TTDI (30,000 sq ft), which opened recently in Nov 2023, has an occupancy rate of 50%, and Co-labs Coworking The Five is currently at 40%.  

“With remote work and flexible schedules becoming increasingly popular, coworking is the perfect solution to meet the changing demands of the post-Covid office landscape. Our spaces are designed to accommodate a mix of in-person and virtual collaboration, with more open spaces and shared facilities,” said Teo.

Edited ByChai Yee Hoong
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