Business as usual at WeWork Malaysia, says spokesman

KUALA LUMPUR: WeWork's operations in Southeast Asia, particularly Malaysia, are not a part of the debt process currently ongoing in the US and Canada, and operations here remain business as usual.

WeWork's spokesperson, based in Singapore, told Business Times that Southeast Asia has always been a leading region for WeWork globally.

"We have taken proactive steps to communicate with our members in this region and partner closely with them to address any inquiries they might have."WeWork is here to stay, and our focus is on our members and ensuring we continue to offer best-in-class products and spaces to meet their evolving workplace needs," the spokesperson said.

WeWork has 30 locations in Southeast Asia, including two locations in Kuala Lumpur, namely, Mercu 2, KL Ecocity and one in Equatorial Plaza.

The spokesperson said WeWork has been helping companies and members navigate their hybrid work strategies in Southeast Asia.

When asked how WeWork perceives the demand for co-working spaces evolving in the Asia-Pacific region, the spokesperson said that, against today's economic landscape and hybrid work strategies, companies want to be strategic with their real estate commitment.

With employees only back in the office for 2–3 days a week, it does not make financial sense for companies to commit to huge office space with long-term leases. "We have tracked strong interest and growth in All Access, a monthly subscription that allows members to unlock any WeWork location worldwide."Bookings for the third quarter (Q3) of 2023 in Kuala Lumpur increased by close to 10 per cent from the second quarter (Q2) of 2023.

"In Southeast Asia, we have been helping companies and members navigate their hybrid work strategies.

"The slowing down of the economy does not necessarily equate to decreased demand for workspace but rather a more strategic and flexible approach.

"Companies want certainty and convenience in uncertain times, and they demand flexibility across space, time, and cost that can optimise their real estate," the spokesperson said.

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