WeWork, a US-based coworking spaces design firm, recently began operations in the Philippines through its partnership with Megaworld Corporation.
Megaworld Senior Vice President Jericho Go said that WeWork’s first venture in Uptown Bonifacio, Taguig City, will attract more foreign companies to set up shop in the country.
“The advantage of having WeWork is they are able to supply the Philippines, not just Megaworld, with a fresh set of multinational companies, some of which haven’t started operations in the Philippines,” he added.
However, Go also noted that Megaworld is only keen on quality, which means that the company is ensuring the delivery of high-quality spaces for renown MNEs and Fortune 500 companies.
The firm is eyeing to reach P20 billion in terms of rental revenue by 2020. This includes commercial and retail sales as well.
“The brand itself becomes a magnet for corporations who want to be associated with the company (WeWork). So, the beauty there, once you become a member, it gives you global access to WeWork facilities,” Go also said.
“In a nutshell, I think, having a WeWork brand in a Megaworld development…basically adds to the prestige of not only the company but also to the development [it is located in],” Go said.
He turned to the strategic location of the coworking space in terms of accessibility to transport systems in the pipeline, such as the Skytrain and the Metro Manila Subway.
Rapid expansion
According to WeWork Head of Community and Member Experience Eyad Zahra, the company is already expecting to open a second brand at the RCBC Plaza in Makati.
“There’s so much opportunity to support the businesses here in Manila. Every district will be important to us,” he added.
Eastwood, McKinley Hill, and McKinley West are other possible locations, according to Megaworld’s Go.
Despite having only begun operations last December, WeWork reported that the facility has already reached full capacity of 806 members.
While Megaworld sees WeWork’s operations in the Philippines as a chance to attract more foreign companies, the current share of foreign-owned firms is only 30%, while Filipino-owned companies make up 70%.
Go noted that WeWork’s model is “very friendly” in terms of accommodating SMEs given that the membership system is on a monthly basis and a “rent-per-use arrangement.”
“Other models, they basically lock you [in] for 3 months or 6 months…. [WeWork is] affordable – for you to become a member, it’s only for a few thousand pesos,” he added
Source: Rappler
