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Coworking spaces an emerging trend in the office real estate market

WHAT IS CO-WORKING SPACE? The concept of coworking spaces is simple, but very functional: an employee is offered a comfortable and fully equipped workplace on a rental basis. 1

The growing popularity of this format is associated with: With the consequences of the global financial crisis With the formation of a new sharing economy With the global \"boom\" of startups 18,000 8000% 3500% Sites in the world The increase The increase that are ready in people working of the number of to accommodate in coworking coworking spaces 1.7 million people spaces in 2018 over the last decade “Coworking spaces have started to develop most actively over the past 10 years” * According to Knight Frank estimates, 2018.

HOW DOES COWORKING WORK? Workplaces in coworking spaces are handed over to individual workers for different periods - from one hour to several years. Owners and operators can choose for themselves various options for cooperation. 3

\"The function of the organizer of such sites is usually taken on by operators who enter into contracts with the owners of buildings.\" Rental Owner- Management model operator model The operator and the This model starts to In this case, all operating owner sign a lease. In function if the coworking costs are borne by the this case, the operator operator decides to owner of the building. undertakes to make purchase the property The operator, in turn, regular rental payments, where his site is located, is responsible for the and also assumes the or the building owner design of the site, the cost of repairing and decides to independently search for customers equipping the premises. develop \"flexible offices\". and promotion of coworking space. Franchise model Joint venture model The property owner manages the The operator and the owner enter into workspace independently. He pays an agreement whereby the owner of the a commission and an annual deduction property contributes most of the start-up to the coworking company. capital. For this he acquires The operator ensures that the new the right to priority profit from coworking coworking space meets its brand activities. standards.

COWORKING FORMATS “The largest group of cowokers is the IT industry, the second place belongs to PR and marketing specialists”

Lifestyle Mixed type of Non-standard project \"flexible office\" formats The stake will be Representatives of For example, placed on the different spheres coworking spaces balance of work of activity and for athletes, gamers, and personal life. companies can parents with little Members of these coexist in one room. children and even coworking spaces Also, coworking those who love can receive various spaces can be silence. perks, including specialized. discounts at gyms, restaurants, etc. 800 m2 Takes a classic flexible office 70 41% Average number of jobs Freelancers, freelancers 36 Average age 36% of employees Are employed * Based on the Global Coworking Survey

WHY ARE COWORK- ING SPACES GOOD? \"The biggest savings when renting four coworking spaces can be rented by tenants in London's Shoreditch area - $ 28,933 per year, or 57% compared to renting a separate 56 m2 office space.\" 7

Flexibility Price For example, a young startup with For a startup, a staff of up to five people, renting renting coworking space in a coworking space, gets space costs on the opportunity to adjust the volume average 50% less of occupied space in accordance than renting a with current needs. classic office. Yearly rent Space Yearly cost- cost effectiveness City District for 56 m2 office London Shoreditch $66 706 $28 933 $37 773 New York Brooklyn $62 736 $28 800 $33 936 San Francisco Mid Market $61 680 $24 000 $37 680 Paris 1st,2nd,9th dis- $57 426 Boston tricts $50 700 $21 276 $24 780 Seaport $25 920 $36 150 Dublin Docklands $47 345 $34 577 $12 768 Los Angeles Playa Vista $47 124 $27 600 $19 524 Hong Kong Cyberport Pok Fu $40 635 Beijing Lam $39 090 $40 488 $147 Zhongguancun $10 111 $28 979 Singapore Van Nors $39 088 $23 105 $15 983 Source: Knight Frank, 2016 8

MAJOR MARKETS AND FORECASTS At the end of 2018, the fastest growing market was the flexible workspace market in the Asia-Pacific region (APR). From 2014 to 2017, the development of the “flexible office” market in the APR states was 35%, which exceeded the corresponding indicators of the USA and Europe for the same period.

Results 2018 35% 21.6% 25.7% market growth market growth market growth Asian- Pacific area Europe North America Hong Kong is the On the European In North America, leader among the continent, the leading the USA retains countries of the Asia- positions in the the lead. Here the Pacific region. The number of coworking states of New York, supply in this market spaces are occupied California and Texas in 2018 increased by London, are in the lead, where by 19%. The supply Amsterdam, Paris the supply increases in Bangalore, and Berlin. Flexible by 12% per year. Singapore and workspace operators In other states, this Melbourne also grew have already figure is much lower by 19%. captured up to 4% of and constitutes 4%. the total office market in central London. 10

DEVELOPMENT PROSPECTS \"The growth rate of flexible space and its impact on the office market cannot be ignored.\" 11

Today's workers need jobs that 5.1 million better meet their needs; the future generation will expect the number of coworking the same. Providing flexibility and employees will be by 2022 creating the conditions for talented employees is 27% yearly essential for companies to succeed in a rapidly changing will account for the growth global marketplace. of the flexible office market 5% 10% 8% 7% 100% So, if from 2010 to 2017 the average 27% 25% 80% annual growth rate of retail space occupied 36% 37% by coworking spaces was only 0.9%, then 13% 15% 60% by 2023, according to the JLL forecast, 14% 16% the area of \"flexible offices\" in shopping 40% centers and other retail facilities will grow 55% 50% 42% 40% 20% at an annual rate 25%. 2012 2014 2016 2017 Source: deskmag 2017 Global Coworking Survey Freelancers Employees Employers Other Despite the fact that begun to come to their employees to most of the residents such sites. IT giants flexible offices, and of coworking spaces such as Microsoft, HSBC has employed are still freelancers, IBM, Amazon and several hundred in recent years, large Google have already people in a coworking employers have transferred some of space in Hong Kong.

WEWORK SUCCESS

\"WeWork could be worth $ 100 billion in the coming years, putting it on par with startups like Uber and Airbnb.\" For example, one of By the beginning The main competitor the key players, of 2019, WeWork of WeWork is the American startup operated flexible currently considered WeWork, has offices in more to be the Knotel managed to raise than 100 cities in chain, which has at least $10 billion 27 countries of the more than 1 million since 2017, world, including square meters of and in the last round Russia (the network office space. of investments, entered our market the company was in 2018). estimated at $ 47 billion. $ 100 bln $ 47 bln will be worth WeWork worth of WeWork in the coming years for 2018 27 30% countries have a WeWork of clients with less presence by early 2019 than 1000 employees

Coworking spaces