KUALA LUMPUR, 5 JUNE 2023 – WORQ, Malaysia’s leading coworking and flex space provider, is proud to announce a strategic partnership with UOA Group, a leading property developer and real estate investment company. This partnership will involve launching a new 15,000 square foot coworking space in Menara UOA Bangsar (MUB), which will introduce innovative community and flexible office solutions at MUB.
This is the brand’s second outlet in a UOA property following the success of WORQ Subang in UOA Business Park (UBP). WORQ, driven by its desire to expand its coworking space presence, aims to expand its footprint by jointly investing in UOA buildings and securing new locations. The first outlet in UBP achieved full occupancy within one month, surpassing industry standards of up to twelve months.
The latest joint effort between WORQ and UOA Group, extends beyond the traditional coworking concept and aims to revolutionize the workspace environment by offering innovative flexible solutions that cater largely to the needs of tech companies and communities. At MUB, WORQ will also be an incubation centre for the local tech and startup community, which also serves as an integral part of the continuous Asset Enhancement Initiatives (AEI) in MUB.
Stephanie Ping, Co-Founder and CEO of WORQ shared “Through this partnership, we are able to bring WORQ’s proven flexible office solutions and community offerings to enhance the building’s amenities which will further attract tenants to Menara UOA Bangsar as a preferred office address in Bangsar. We continue to be enthusiastic about the coworking industry’s potential for growth, and this partnership with UOA is a strong step in the right direction as it allows us to extend our reach into more office buildings, accelerating the adoption of flexible work arrangement towards our vision of liberalising real estate. With WORQ managing the day-to-day operations of the coworking spaces, landlords can focus their resources on their core business, creating a win-win outcome.”
Driving business growth through innovative flex space solutions
In recent years, the demand for on-demand workstations and meeting facilities has significantly increased, as office occupiers prioritize flexible office solutions. The TOP 10 CRE Trends 2023 report by JLL Research highlights that 56% of corporates have identified the operationalization of hybrid work models as a crucial focus until 2025, emphasizing the growing importance of agility and flexibility within organizations. To successfully implement these hybrid work models, it is essential for companies to seamlessly align their spaces, technology infrastructure, and HR policies.
Working together, WORQ and UOA aim to provide flexible and on-demand spaces to UOA clients and the local business community. This collaboration seeks to enhance networking opportunities, facilitate organizational transformation, and promote overall flexibility for all involved parties. At the MUB location, the goal is to establish a Technology Cluster focused on IoT, Big Data, and AI within the premises. This initiative aims to deliver valuable benefits to the tech community and represents a significant stride in the joint efforts of UOA and WORQ to foster innovation and drive growth in the region. Additionally, this endeavor aligns strongly with UOA’s ongoing support of the Malaysia Digital (MD) Initiative, which aims to advance Malaysia’s Smart Nation goals.
WORQ’s alternative to traditional leases
The brand has been experiencing a strong surge in demand from businesses, both small and large, seeking flexible coworking spaces in the Klang Valley. These spaces can be utilized on a space-as-a-service basis, allowing businesses to access convenient and adaptable workspaces, serving as an alternative to traditional office leases.
WORQ has ambitious plans to expand its operations starting this year, with the anticipation that numerous businesses will become a part of their co-working business ecosystem. The projected market size of the coworking space industry is estimated to reach RM 1.3 billion by 2030, and WORQ is determined to capture 50% of that market share with its proven track record and replicable model. As part of their mid-term strategy, WORQ plans to develop up to 3 million square feet of coworking spaces in Malaysia alone.
“WORQ’s presence at Menara UOA Bangsar represents a significant stride towards expanding our footprint in office buildings and advancing the adoption of flexible work arrangements. This joint effort with MUB reflects our commitment to embrace and promote a more liberalized approach to work environments and community building as a whole,” continued Stephanie.
Since its establishment in 2017, WORQ has evolved to become more than a workspace provider, establishing a presence in six strategic locations across Malaysia. The company has achieved consistent profitability since its inception and has demonstrated resilience during the challenges posed by the pandemic. WORQ has successfully maintained all of its outlets without any closures and has remained committed to supporting its dedicated workforce, avoiding any employee layoffs.