WeWork opens flagship office tower in Singapore
US co-working company WeWork has unveiled its flagship office tower in Singapore as it expands in the Asian financial hub, which is among its fastest growing markets.
WeWork, majority-owned by Japan’s SoftBank Group, moved into 21 Collyer Quay at the heart of Singapore’s Raffles Place central business district, the largest location in its Asia-Pacific region, which consists of Australia, South Korea and Southeast Asia.
The building with 21 floors was the former HSBC headquarters in Singapore. It has over 20,400 square meters of Grade A office space.
Prominent tenants
The co-working startup – which listed its shares in New York in October last year after a failed initial public offering in 2019 just before the Covid-19 pandemic wreaked havoc on the global economy – has already secured tenants such as British-American insurance company Willis Towers Watson and Singapore-based financial services provider Capital C.
“We have publicly committed to reaching full profitability by year-end as a global organisation and Singapore as a market is a core contributor to that target,” said Balder Tol, WeWork’s general manager for Australia and Southeast Asia.
Last month, the company reported that its net loss narrowed 31 per cent to $635 million in the second quarter from the year before as revenue rose 37 per cent to $815 million in the period.
Singapore growth driver for WeWork
Apart from Singapore, the cities of London, New York, San Francisco and Sydney are among WeWork’s key markets, according to Tol. With 14 locations across Singapore, the city-state accounts for about half of the company’s total office space in Asia-Pacific and is a key contributor to the company’s growth.
Singapore continues to attract multinational companies seeking to base their regional offices in the city-state, which also aims to attract top global talent with the introduction of a new five-year work visa. Occupancy rates at WeWork’s offices in the city are at about 90 per cent, surpassing the group’s average occupancy of 72 per cent globally.
US co-working company WeWork has unveiled its flagship office tower in Singapore as it expands in the Asian financial hub, which is among its fastest growing markets. WeWork, majority-owned by Japan’s SoftBank Group, moved into 21 Collyer Quay at the heart of Singapore’s Raffles Place central business district, the largest location in its Asia-Pacific region, which consists of Australia, South Korea and Southeast Asia. The building with 21 floors was the former HSBC headquarters in Singapore. It has over 20,400 square meters of Grade A office space. Prominent tenants The co-working startup – which listed its shares in New York...
US co-working company WeWork has unveiled its flagship office tower in Singapore as it expands in the Asian financial hub, which is among its fastest growing markets.
WeWork, majority-owned by Japan’s SoftBank Group, moved into 21 Collyer Quay at the heart of Singapore’s Raffles Place central business district, the largest location in its Asia-Pacific region, which consists of Australia, South Korea and Southeast Asia.
The building with 21 floors was the former HSBC headquarters in Singapore. It has over 20,400 square meters of Grade A office space.
Prominent tenants
The co-working startup – which listed its shares in New York in October last year after a failed initial public offering in 2019 just before the Covid-19 pandemic wreaked havoc on the global economy – has already secured tenants such as British-American insurance company Willis Towers Watson and Singapore-based financial services provider Capital C.
“We have publicly committed to reaching full profitability by year-end as a global organisation and Singapore as a market is a core contributor to that target,” said Balder Tol, WeWork’s general manager for Australia and Southeast Asia.
Last month, the company reported that its net loss narrowed 31 per cent to $635 million in the second quarter from the year before as revenue rose 37 per cent to $815 million in the period.
Singapore growth driver for WeWork
Apart from Singapore, the cities of London, New York, San Francisco and Sydney are among WeWork’s key markets, according to Tol. With 14 locations across Singapore, the city-state accounts for about half of the company’s total office space in Asia-Pacific and is a key contributor to the company’s growth.
Singapore continues to attract multinational companies seeking to base their regional offices in the city-state, which also aims to attract top global talent with the introduction of a new five-year work visa. Occupancy rates at WeWork’s offices in the city are at about 90 per cent, surpassing the group’s average occupancy of 72 per cent globally.
