Co-working space provider JustCo is set to take over a 16-storey commercial building in Seoul to transform it into a mega shared workspace.
Called JustCo Tower, it is sited in the high-end Gangnam Business District. The new lease will be JustCo's largest co-working centre in Asia-Pacific and the first time it is leasing an entire building to rent out such space, said the company, which is headquartered in Singapore, in a statement yesterday.
Known previously as FL Tower, JustCo Tower is targeted to open in November as the brand's fourth centre in South Korea in less than a year, it added.
JustCo founder and chief executive Kong Wan Sing said 60 per cent of the space has been pre-leased ahead of its opening.
"JustCo's rapid expansion within South Korea speaks volumes of the market potential in co-working, with increasing demand from large corporates, including Fortune 500 companies," he added.
The firm also said large organisations are seeing increasing value in such spaces because of the flexibility, cost savings and access to the region. Within the 140,000 sq ft tower will be private suites, phone booths, hot-desking areas and two event spaces: a tiered-seating open area for townhall events, and three seminar rooms that can be combined to form a space for more than 100 people.
It will also include sleeping pod rooms, an in-house cafe and a multipurpose rooftop lounge.
JustCo will also pilot the use of "smart" solutions and technology in the building, the company said. For example, tenants will be able to use its mobile app for card-free access, digital navigation in the building, and placing orders at the in-house cafe.
"We are continuously ramping up our technology solutions to drive tech-savvy and smart digital workspaces that are scalable and will enhance the experience for JustCo members," Mr Kong said.
JustCo's rapid expansion within South Korea speaks volumes of the market potential in co-working, with increasing demand from large corporates.
JUSTCO FOUNDER KONG WAN SING
JustCo has 16 co-working spaces in Singapore which are open or opening this year, as well as others in cities such as Bangkok, Shanghai and Jakarta.