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A new whitepaper from JLL explores the state of play for coworking in China and assesses on how office occupiers can benefit from coworking concept
Shanghai, Oct 25, 2016 - JLL(NYSE: JLL) released a new whitepaper entitled <Coworking – Fad or Fixture?> today to examine the causes behind the recent proliferation of coworking in China, and considers how office occupiers can integrate coworking into their real estate strategies.
The concept of coworking emphasizes creating a space that supports collaboration, openness, knowledge sharing, innovation, and user experience. While these spaces were nearly nonexistent in China as recently as early 2015, they have grown exponentially in the nation’s Tier 1 and Tier 1.5 cities. Take Beijing and Shanghai as example, more than 500 coworking sites have been set up in these two key cities over past 18 months. Today, China is home to some of the best-known firms in the coworking industry such as US-based We Work – which officially entered China in 2016, and has already secured three locations in Shanghai – and the coworking brand 3Q launched by SOHO China in 2015.
The whitepaper identifies
key driving forces behind coworking’s fast growth in China, from government’s encouragement of mass entrepreneurship cultivating small-scale domestic startups which are in need of coworking spaces, to China’s shift towards a sharing economy. Additionally, as China’s millennials become a more dominant workforce, their values of work-life balance and flexible working hours will draw them towards coworking solutions. Finally, technology boom underlines many of coworking spaces’ unique offerings.
While the traditional serviced office sector has long offered the ability to rapidly scale the workspace up and down, the
flexibility in lease terms and other relevant shared resources of coworking are even greater. An additional advantage of coworking spaces is “the buzz” – in other words, coworking spaces are designed to facilitate
collaboration among people with different companies, backgrounds and fields of expertise. Meanwhile, by tailoring themselves to the needs of an increasingly younger staff, coworking provides a way for firms to engage employees and, thus, differentiate themselves in the eyes of footloose
talent. The best coworking spaces combine online and offline offerings, and multiple other concierge-style services that further emphasize a sense of
“The advantages that coworking offer fit well with a strategic push by many companies to increase flexibility, improve talent retention and recruiting, and build a sense of community,” observed
Joe Zhou, Head of Research for JLL in China, “JLL has outlined five coworking models and ranked them based on the level of exposure to coworking, so companies can evaluate which model suits them best.”
“The various factors driving the coworking boom in China show us that one size does not fit all,” said
Claire Stephens, Head of Workplace Strategy at JLL China. “The first step for companies that are keen to adopt coworking into their real estate strategy is to understand what constitutes value for their business and how their workplace can better support this. Solutions can then be developed to identify how much of a firm’s workforce could benefit from coworking and assess whether a business should participate in coworking. Last but not least, successful participation in coworking really relies on generating a sense of physical and virtual community, collaboration and engagement by users.”
>>>Download full report Coworking – Fad or Fixture?
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JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, www.jll.com.
JLL has over 50 years of experience in Asia Pacific, with over 34,000 employees operating in 92 offices in 16 countries across the region. The firm won 15 awards at the International Property Awards Asia Pacific in 2016 and was named number one real estate advisor in Asia at the 2015 Euromoney Real Estate Awards. www.jll.com/asiapacific
In Greater China, the firm was named ‘Best Property Consultancy in China’ at the International Property Awards Asia Pacific 2016, and has more than 2,200 professionals and 14,000 on-site staff providing quality real estate advice and services in over 80 cities across the country. www.joneslanglasalle.com.cn
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