Founder and CEO of Dubai-based WorkSpace Commerce (WSC), Panny Lawrence, looks ahead to global expansion plans as the company celebrates record growth of 88%. As the co-working sector continues to thrive, WSC is on track to becoming a leading player, with its strategy of 30 new builds around the world in the next five to seven years.
By the end of 2018, WSC will have an additional eight buildings open, as part of its rapid expansion plans. The WSC team, which has increased by 120% since launch, is currently in talks with leading property developers in India, Canada, China and the GCC. Founder and CEO, Panny Lawrence, sees an opportunity where co-working can play an integral role in cultivating and sustaining the entrepreneur network in the GCC. Dubai, in particular, will experience higher demand for flexible working spaces, with business travel expecting to rise by 4% to AED 49.2 billion in 2027.
Panny Lawrence comments: “Many feel that co-working spaces are very limited or homogenous, focusing on start-ups, rather than the broader demographic of the employment, freelance and business travel sector. Often, the real entry barriers of doing business here are still unattended. Co-working spaces that want to win need to provide much more than just a nice table, chair and free coffee. In fact, this mirrors key trends from the global co-working movement itself. WSC is addressing this gap in the market with modern and unique co-working, offering both intelligent and attractive solutions to the perfect work – life balance. Facilities powered by the WSC brand offer a high level of service differentiators and customer enhancing experiences, all resonating with the local culture and market. We are exploring partnerships with key players in the GCC hospitality sector to launch co-working spaces, in line with the Dubai way of life, from gym to beach club memberships and crèche services.”
The entrepreneurial and start-up sector is experiencing massive growth within the Middle East. According to the Global Entrepreneurship Index 2017, the UAE is ranked number 19 globally and number two regionally. It has the largest start-up market in the MENA region, which is fuelled by the country’s dedication to innovation and entrepreneurship. Globally, a huge 65% of co-working spaces are planning to expand this year to meet the continued demand.
WSC, which is headquartered in the bustling area of Jumeriah Lake Towers in Dubai, currently has properties in London and Shanghai. Each co-working space is individually and creatively designed, in convenient and accessible locations. This includes The Hale in trendy North London, Fitspace in China’s cosmopolitan Shanghai and East London’s Area works, which is the newest property offering. Strong financial partners are required to assist in the growth of the WSC portfolio, to acquire more buildings, with a favourable blend of property leases and ownership available. With co-working considered the fastest growing subsector of the property market, WSC will be offering investors low entry but high yield investment opportunities.
The WSC team have a combined 50 years plus of experience in co-working, property, shared office management. With international offices in Dubai, London and Shanghai, WSC has its own in-house design and construction team, project managers and a global sales network.
