As we enter the new year, analysts are already forecasting another difficult year ahead for businesses with a recession on the cards. Businesses are already hard at work looking at cost-cutting measures that will help keep their business afloat and the leading co-working space brand, INFINITY8 believes this could spell big things ahead for the co-working segment.
In fact, the co-working space provider has reported a substantial spike in occupancy rate across its eight outlets in Malaysia – with a 90 per cent growth rate in occupancy and particularly high numbers over Q3 and Q4 of 2022.
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“In 2022, we have managed to grow our occupancy rate at all locations to at least 90 per cent. We achieved a full house at five out of eight of our branches in the last quarter of 2022. As the crunch of 2023 begins to already set in, we have seen a shift in businesses, especially MNCs and SMEs, exploring co-working spaces. Both to accommodate more flexible operations and to generally reduce CapEx and OpEx”, stated Sheah Liang Lee, the co-founder and CEO of INFINITY8.
Lee believes this could not only be a boon for businesses looking to streamline expenditures but also represent a massive opportunity for the co-working industry. To do so coworking spaces will need to foster a mix of comfort and community along with productivity.
Riding the momentum of its recent ‘Best Co-Working Space in Asia and Malaysia’ win, awarded by PropertyGuru Asia Property Awards 2022, in recognition of its co-working spaces, innovation and entrepreneurial spirit, INFINITY8’s is looking to amplify these qualities further in 2023.
In 2023, INFINITY8 will be rolling out more initiatives to further integrate innovation and better connect its community of entrepreneurs and businesses. Key amongst these is introducing a new app developed to enhance the office experience by digitalising booking processes and allowing networking between coworkers.
On top of this, INFINITY8 is set to open additional branches in both Penang and Johor as it looks to increase its presence within the states to cater to the rising demand for co-working spaces in the northern and southern regions.
“With tough times ahead, it won’t just be about convenience and price point but instead the added value and services that a solutions provider can offer. We firmly believe in this and have gone the extra mile to provide solutions that match the needs of businesses and remove concerns within our capability to allow room for them to focus on other aspects of their businesses. This is why we offer end-to-end management, host one-stop business services such as payroll processing and HR recruitment, and customise our coworking space offerings into three tiers that suit different business needs ranging from entry-level to premium coworking spaces,” stated Sheah Liang Lee, the co-founder and CEO of INFINITY8.
2022 has seen INFINITY8’s achieve several milestones, from the launch of its first outlet in the Klang Valley to winning the title ‘Best Co-working Space in Asia & Malaysia’ on top of the landmark collaboration with Meta for their Facebook Live Lab hub located in the southern Malaysia region. The Hub equips clients with best-in-class live streaming tools, Facebook Blueprint Certifications and mentoring programmes that give them a competitive advantage. In the near future, coworking space hunters and small businesses alike can look forward to INFINITY8’s upcoming launch of kongsi work, their budget-friendly private offices that offer basic business essentials.
Source: INFINITY8
