The Business Times

WeWork launches 21 Collyer Quay, its largest location in the Pacific

Benjamin Cher
Published Tue, Sep 6, 2022 · 02:25 PM

CO-WORKING company WeWork has launched 21 Collyer Quay, its largest location in the Pacific region, consisting of Australia, South Korea and South-east Asia. (*see amendment note)

Consisting of 21 floors of the former HSBC headquarters in Singapore, the location has over 220,000 square feet of Grade A office space. This is also the 14th WeWork location in Singapore and the company’s only flagship asset here.

WeWork 21 Collyer Quay is designed for enterprise customers, which would typically take up entire floors.

“WeWork’s new location signals strong investor confidence in Singapore as a global business hub. In a post-pandemic world, our city centre wil continue to anchor Singapore as an international business hub,” said Indranee Rajah, Second Minister for Finance.

Besides the new location, WeWork also debuted WeWork Workplace, a software solution to help companies manage their leased and co-working spaces. Employees can book their desks and meeting rooms for the day via the system, while employers can track usage and optimise real estate needs with data insights.

Currently Workplace is live in the United States and the United Kingdom, and is slated to launch in Asia Pacific in the fourth quarter this year. There has been a lot of interest from companies in Asia Pacific for that solution.

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“On a weekly basis, we have enterprise organisations reaching out to us,” said Balder Tol, general manager, Australia and South-east Asia.

The recent Q2 2022 results for WeWork saw a 30 per cent year-on-year growth in revenue, with global occupancy rates at 72 per cent. In Singapore, occupancy rates are at 87 per cent, and 21 Collyer Quay is on track to hit 90 per cent occupancy by year-end according to Tol.

“We’ve seen very strong pre-commitment in the last few weeks, we’ve seen very strong interest from tenants to move in by Q4 and the start of next year,” he said.

In a time of uncertainty with macroeconomic headwinds and inflationary pressures rocking the economy, WeWork has only seen accelerated demand according to Tol. Compared to pre-pandemic levels, all key business indicators are above those levels.

“Increased uncertainty in the global economy pushes business leaders to really look at real estate together with payroll, their biggest costs in their P&L. Therefore, any opportunity to scale up and down in any market globally is a huge competitive advantage,” said Tol.

While there hasn’t been any operational impact due to the economic climate, WeWork has not been spared of supply chain issues that has plagued the rest of the world. Tol recounts a few “sweaty” moments in the weeks leading up to the launch of 21 Collyer Quay.

“Luckily because of our global scalability, we have been able to use our variety of suppliers to combat that,” said Tol.

*Amendment note:  A previous version of this story stated that 21 Collyer Quay was the largest location in Asia-Pacific.

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