- Founded in 2017, to the date of article publication (21/3/22), WORQ currently has five locations in Kuala Lumpur & Subang Jaya.
- The new office space is WORQ’s largest coworking space with a total of 34,000 sq ft.
- This location had already received 70% of its pre-sales, and since the brand’s launch, WORQ has kept occupancy rates above 90% across all of its locations.
KUALA LUMPUR, 17th March 2023 – One of the largest coworking space providers in Malaysia, WORQ, has officially launched its fifth and largest outlet in a strategic location at Menara 1 Sentrum, KL Sentral. Located in the center of Kuala Lumpur, the site is surrounded by unimpeded views of Kuala Lumpur’s cityscape and is equipped with convenient access to train services and food options right next door.
This new office space occupies two levels in Menara 1 Sentrum, with a total area of 34,000 sq ft. The outlet has achieved 80% occupancy prior to its launch. The whole space on the higher level has been occupied by a single tenant with 300 pax under WORQ Enterprise Solutions – the latest innovative service for enterprises in Malaysia to provide next-generation office solutions.
Stephanie Ping, CEO and Co-founder of WORQ shared, ”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. We pride ourselves on being at the forefront of innovation in the coworking industry by understanding what the market needs and being able to develop solutions and services for our customers. 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 benefit of flexible workspaces for their teams.”
Already the leading coworking group in the market, the newest WORQ outlet reached profitability since Day-1. Even before the fitout work began, this location had already received 70% of its pre-sales, and since the brand’s launch, WORQ has consistently kept occupancy rates above 90% at all of its locations.
As a gold sponsor for WORQ, Ovalapp demonstrated its support for the brand’s launch event by providing attendees with digital business cards as part of the sponsorship benefits.
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How WORQ is paving the way for sustainable business practices
WORQ is a market leader with a network of coworking spaces in Malaysia that recognizes the importance of sustainability and is taking steps toward sustainable business practices. This is of utmost significance, especially in light of the prevailing surplus of office spaces in Malaysia, which has surged to 26% in the year 2022, whereas the adoption of coworking spaces merely constitutes 1%.
Traditional office leases often lead to the wastage of resources through construction and reinstatement of spaces every time a tenant changes. Coworking aligns with the principles of recycling and reusing resources, by designing office spaces with modular designs, spaces can be repurposed for new tenants with minimal demolition or rebuilding. This sustainable approach minimizes wastage and adds up to 9 years to office spaces’ lifespan.
All of WORQ’s outlets are strategically located near public transportation hubs, including train stations, to promote alternative commuting methods and improve mobility, hence reducing carbon emissions. For each coworking outlet that is built, on average members collectively can save up to 7,000 hours of commute time per year. This improves productivity, employees wellbeing and ultimately is a more sustainable workstyle for the future.
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.
One of WORQ’s early supporters and repeat investors, Phillip Capital Management’s CEO, Mr Linus Lim Wen Sheong shared, “We are delighted to endorse WORQ’s impressive market foresight and strategic acumen, which positions them ahead of the curve. Their scalable business model, tailored to serve the mass market with a value-for-money solution, has the potential to capture the highest market share not only in Malaysia but also across Asia. As a satisfied customer and investor, we applaud WORQ’s commitment to sustainable business practices, and we believe that this emphasis on sustainability will not only benefit the environment but also contribute to the company’s long-term success.”
It is projected that the adoption of coworking spaces will surge to 20% within the next decade, consequently resulting in a decrease in vacant office space to 10%. WORQ’s emphasis on sustainable practices and environmentally friendly design is a step in the right direction toward a greener and more responsible future. It ensures the company’s long-term success while making a positive impact on the environment.
”We are delighted to endorse WORQ's impressive market foresight and strategic acumen, which positions them ahead of the curve. Their scalable business model, tailored to serve the mass market with a value-for-money solution, has the potential to capture the highest market share not only in Malaysia but also across Asia.Linus Lim Wen SheongCEO of Phillip Capital Management
The future of WORQ in Malaysia
WORQ outlets have achieved full occupancy on average within two months from opening, significantly quicker than industry averages, which can take up to twelve months. This has been a key differentiator in WORQ’s better profitability versus its peers. The company’s success can be attributed to its focus on disciplined execution and creating a community-driven ecosystem that offers a wide range of amenities that cater to the needs of modern professionals. As WORQ continues to expand, more businesses across Malaysia can enjoy the benefits of utilizing flexible workspaces.
“Recognizing the current state of the office market is crucial as there has been a significant increase in office vacancies to 33 million square feet between 2016 and 2022, leading to a substantial capital loss of approximately RM10 billion. This situation has had negative impacts on our economy. 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.” Stephanie shared.
The brand has ambitious plans to quadruple its space by the end of 2025. Commencing the year 2023 with a total area of 98,000 sq ft, WORQ’s KL Sentral expansion is the first for the year, with further aims to double its space under management to 200,000 sq ft by the end of the year, propelled by the sustained robust demand exhibited by the Malaysian business community. By 2030, the market size of the coworking space industry in Malaysia is projected to grow to RM1.3 billion and WORQ’s replicable model is well positioned to capture more than 50% of that market share, with their mid-term plans being to build up to 3 million square feet of coworking spaces in Malaysia alone.
WORQ would like to thank these media outlets for covering WORQ KL Sentral launch: