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Co-Working Spaces

CO-WORKING SPACE

Dubai is seeing a growing demand for flexible workspaces fully integrated with technology and services from large corporate occupiers, SMEs and entrepreneurs, as part of bigger changes in the GCC office market where co-working spaces are growing at a very high pace. Flexible workspaces will constitute more than 60 per cent of the total office demand in the GCC by 2025. As a NEW sector at WORKSPACE, this sector will showcase an array of solutions from design to concept to build for a co-working space.

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The stats show that the GCC market outlook for co-working spaces is positive, specifying some key findings:

• SoftBank, creator of the world’s largest venture capital fund, has raised its stake in WeWork — currently the world’s most recognised brand in co-working — by 25 per cent, to a total of about $10.5 billion.

• Proptech accelerated last year with nearly $4 billion invested across the smart buildings sector, and the stage set for an even larger scale of transformation.

• A recent report by KPMG states that smart city development in Mena is expected to double to $2.7 billion from $1.3 billion in the next four years.

• While the initial enthusiasm for co-working solutions was muted in the region, July saw the launch of the Servcorp Business in Riyadh, which is an entire building offering state-of-the-art and tech-driven co-working facilities across 29,000 sq ft of shared workspace.

• Earlier this year saw global business leader Honeywell Building Solutions sign MOUs to implement smart building projects in the UAE.

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Co-working Spaces

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