KUALA LUMPUR: The co-working space industry in Malaysia has picked up over the last few years following growth in demand for flexible working areas, says the International Workplace Group plc (IWG).
IWG Malaysia, Brunei and Indonesia country head Vijayakumar Tangarasan said the growth was seen not just in the central business districts (CBD) but also in the fringes of Kuala Lumpur and other smaller cities in the country.
“We see larger growth opportunities for the shared space industry in Malaysia, with more competitors coming into the market,” he said at a panel discussion on “Flexible working is the way forward: How being flexible can help your business grow” organised by co-working space provider Spaces here today.
IWG, which owns the operating brands Spaces and Regus, is expected to establish more working spaces in the country this year as there are a lot of enquiries from SMEs as well as startups.
“In Malaysia, our growth year-on-year stands at 50%, and among the Asian countries, we are leading from the growth perspective,” he added.
Meanwhile, for this year, IWG is looking to open up co-working spaces in a few places such as Cyberjaya, Penang, on the fringes of Kuala Lumpur as well as locations that are highly in demand.
Out of the group’s 36 co-working spaces in Malaysia to-date, 32 are under the Regus brand and the remaining are under Spaces.
Vijayakumar noted that flexible working spaces have also boosted the productivity of a company as it could reduce stress over external factors such as travelling hours.
“Utilising remote work and flexible schedules help in engaging and retaining talent while improving employees productivity, and ultimately, lead to business growth.
“With a flexible shared space that we have everywhere, it gives companies and individuals the options they may need which could improve productivity,” he added. – March 5, 2020, Bernama