Daily Markup #702: WORQ locks in 80% occupancy ahead of new co-working space launch, maintaining profitability even amidst current funding climate

Credit: WORQ

Work it!

  • There’s much to celebrate for 500-backed co-working space WORQ — their upcoming fifth and largest outlet in Kuala Lumpur, Malaysia has reached 80% occupancy, turning the location profitable from day 1!
  • This is no fluke though. WORQ has consistently maintained occupancy above 90% across all their locations, and their newest was 70% pre-sold. According to the team, they take just two months on average to hit 100% occupancy, far exceeding industry benchmarks of as long as twelve months.
  • And it’s not just startups who love them! A multinational corporation tenant got a custom-built space by engaging WORQ’s Enterprise Division, which specializes in building bespoke offices for large teams even for short-term leases.
  • “Businesses need to be more agile post-Covid, and hybrid working through the use of co-working spaces is very flexible and painless. Moving forward, this is the mainstream way of using offices and WORQ’s scalable model is set to expand to all cities and help people move towards a new workstyle”, said Co-founder & CEO Stephanie Ping.
  • Riding on their sustained success, WORQ plans to build up to 3 million square feet of coworking spaces in Malaysia.
  • “Our mission is to create a world where people prosper by working together,” she said in an interview with e27. And Stephanie is making this happen every day with her team.
  • She also believes tech entrepreneurs should focus on ‘profitable scalability’. “Profitability isn’t the opposite of growth. In fact, it is synonymous with scaling,” she explained.
  • “Every new site we open makes us more money to grow, and that’s how tech companies should think. Things catch up, and if one isn’t disciplined to withstand the pressure not to be unsustainable, then it is tough to be successful,” she shared.
  • Read the full article here.


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