EMBARKING on an aggressive expansion in Southeast Asia, New York-based coworking-space provider WeWork recently launched its first hub in the Philippines—a two-level, impeccably designed space in Uptown Bonifacio Tower Three that can accommodate up to 800 members.
Founded in 2010 in New York City, WeWork has since grown to 287 physical locations in 74 cities in 23 countries across the globe. Although a global company, WeWork is known to adhere to a local playbook in entering new markets in order to create an experience that is distinct and personal to each new location.
The Philippines is WeWork’s third market in Southeast Asia, after Singapore, Thailand and Vietnam.
According to Turochas “T” Fuad, WeWork Southeast Asia’s managing director, the company places emphasis on thoroughly understanding the local culture before entering any market. “This gives us an additional edge by keeping our business attuned to the unique needs and opportunities of each market.”
Asked why the company chose the Bonifacio Global City as its flagship location in the Philippines, Fuad said that the area is perhaps the country’s most important business district at the moment. “A nexus of Philippine economic activity is found in BGC, [and] this best demonstrated by the transfer of the Philippine Stock Exchange [PSE] to BGC from its former headquarters in Ayala Avenue in 2017.
“BGC provides a strategic location for WeWork as it allows its members—local and multinational enterprises, tech start-ups, small to medium businesses, creators and freelancers—to tap into the locale’s dynamic and diverse business opportunities.”
Boosting presence in Southeast Asia
FORTIFYING its presence in Southeast Asia, WeWork has grown to 12 locations servicing more than 6,000 members across the region. Aside from a strong presence in Singapore and Indonesia, WeWork is also gearing to open its second Philippine property in Makati in early 2019, and will open in new markets before the end of 2018, including Bangkok, Ho Chi Minh City and Kuala Lumpur.
Fuad said, “This move could not have been made at a more opportune time given the Philippines’s favorable business climate. We see positive contributions to the country’s thriving start-up ecosystem and micro-, small- and medium-sized enterprises [MSMEs].”
Data released by the Department of Trade and Industry (DTI) show that there are almost 912,000 MSMEs currently operating in the Philippines, which account for 99.57 percent of all establishments and represents 70 percent of total employment.
Fuad expounded, “We see a deep bench of individuals and companies that we can help grow through our community, culture and technology. The Philippines continues to be a promising hub for businesses of all sizes, and its young population, who is well-versed in technology, can help spur innovation that will benefit the national economic ecosystem and allow the Philippines to connect and collaborate with the rest of the world.”
Image credits: WeWork, Bryan Barredo