Ayala Land enters co-working space biz
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by Land Asia Listings
- March 21, 2017
- Real Estate Updates
- 0
Posted on March 18, 2017
http://www.bworldonline.com/
PROPERTY giant Ayala Land, Inc. (ALI) has ventured into the development of co-working spaces through Clock In, riding on the robust demand from start-up companies and freelancers.
The developer plans to expand its office footprint to 1.5 million sqms by 2020.
“We’re very confident about this business. The only thing left to do is to calibrate. You can only calibrate once you have an operating facility,” Mr. Roxas said.
Ayala Land is charting a “fairly aggressive expansion program” for Clock In, Mr. Roxas said. The company will start mapping out its expansion next year, with plans to make it a component of future office buildings within central business districts (CBDs) and commercial centers.
Future shared office facilities can range from 400 to 600 sqms in suburban locations and as much as 1,000 sqms in more established CBDs, said Gail G. Yambao-Samaniego, business development manager at Ayala Land Offices.
Colliers International Philippines estimates that Metro Manila has an inventory of flexible workspace reaching 228,000 sqms, driven by the need to provide an ideal work environment for employees without the hassle of fitting out office space, getting permits, or paying electric bills.
Ayala Land, which has traditionally catered to large Philippine companies and multinationals, is banking on the premium address of its office projects to give its product an edge over competitors. The maiden Clock In office is located at the penthouse of the Makati Stock Exchange building along Ayala Avenue — at the heart of the country’s premiere financial district.
The 400-sqm. shared office facility, which can fit about a hundred people, features work spaces, a meeting room, 15 private rooms enclosed in glass, a breakout area, and a pantry.
With fully equipped and furnished office spaces, Clock In hopes to provide “immediate availability, low overhead cost, flexible lease duration and rates, office staff efficiency, and IT and administrative support,” while offering a venue for collaboration and networking among start-up companies and independent entrepreneurs.
“In this age of technology and startups where so many new businesses are found, we cannot ignore the needs of these new enterprises who are often relegated to coffee shops and other facilities where they can snag a few hours of free wifi,” said Carol T. Mills, vice-president and head of Ayala Land Offices.
Monthly rates range from P10,000 to P15,000 per person for a private office, P8,000 to P10,000 for a co-working space, and about P2,500 for a virtual office, Ms. Samaniego said. The facility accepts walk-in clients for a daily rate of P550 per person.
Call answering, message delivery, mail handling, document services, access to couriers, hotel booking and transport services are the other benefits Clock In offers its clients.
As the rapidly evolving business environment continues to change the way people work, the co-working space industry is expected to grow further, reaching 14,000 centers by 2017, said Mikko Barranda, co-founder of Acceler8, which has been tapped to operate and market Clock In.
Mr. Barranda said that by 2020, co-working spaces will host close to 3.8 million people and Southeast Asia will be home to 10 million freelancers, accounting for 40% of the workforce.
Shares in Ayala Land added 65 centavos or 1.81% to close at P36.55 apiece.
