KUALA LUMPUR: Malaysian co-working startup Worq is mapping out ambitious expansion plans to reach one million customers by 2027, a significant leap from their current 200,000.
In an exclusive interview with SunBiz featuring co-founders Stephanie Ping and Andrew Yeow, the startup, which holds 15% of the market share and 90% occupancy rate, laid out the plans.
“We believe that Worq is more than just a co-working space provider, it’s a catalyst for transformation. Our goal to reach one million customers by 2027 is a testament to our commitment to nurturing a thriving business ecosystem in Malaysia. We’re achieving this through strong partnerships, like-minded investors, and a strong focus on building a vibrant community. Our goal is to make Malaysia a global hub for innovation and entrepreneurship,” they said.
Yeow outlined Worq’s ambitious expansion plan by stating that the company started the year with 97,000 sq ft and is set to reach 100,000 sq ft by the end of the year. Worq has already opened its KL Central location and launched a new site in Bangsar, with two more sites in the pipeline.
“We’re thinking about going even bigger with over 100,000 sq ft next year. But our sights are set on something even more ambitious. We’re looking to expand to one million square feet in the near future, and in the long run, we’re aiming for three million square feet. This kind of growth will put us in the same league as those global cities that have extensive co-working space networks,” he explained.
Ping said that the big goal they are working towards is building an office network that’s flexible and scalable.
“Once we reach one million square feet in KL, people will realise that Worq’s co-working memberships offer more than traditional office rentals. It’s a cloud office that comes with various benefits and scalability.
“We have a company secretary. If you require IT people, we have professionals ready, and all these services are available at our one-stop centre. However, it seems that many people aren’t aware of these offerings.
“We’re more than just space providers, we are comprehensive business services providers. We handle everything outside of the core business functions, allowing companies to concentrate on what they do best. The rest can be outsourced to us,” she elaborated.
Worq’s expansion plans are also paired with a future listing on the horizon. However, listing is its medium-term goal, and the immediate focus still lies on strengthening their presence across the Klang Valley.
In terms of demand, Ping pointed out a significant issue plaguing Malaysia’s office market – a soaring vacancy rate in purpose-built offices.
“The current vacancy rate of Klang Valley’s purpose-built offices stood at 21% in 2016, equivalent to 24 million sq ft. However, it hasn’t improved. In fact, it has worsened to 26% in 2022. This means that one-fourth of the office market is unoccupied, totaling 33 million sq ft,” Ping said.
Ping added that traditional offices have an immense overhang because they don’t cater to the evolving needs of businesses.
“It’s not that people don’t want to use office space, it’s that they want to use it differently. The overhang can be reduced by introducing a new kind of office that people want to use such as flexible co-working spaces,” she said.
Ping stated that co-working spaces offer a solution to this problem and that while the traditional office market grapples with low occupancy rates, Worq is setting an industry benchmark with a high occupancy rate of over 90%.
Source: The Sun Daily
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