CPN to build on its vision of the ‘Center of Life’, launches ‘Common Ground’, a fully functional coworking space – to underline the company’s innovations in business and lifestylein
- Investing Bht 800 million targeting 20 branches nationwide within the next five years
- Launch its first branch at the beginning of next year (2019)
- Aiming to become ‘the first and the best community’ that links the network of innovative entrepreneurs in Thailand
- A key piece of the jigsaw that will push Thai SMEs towards major growth, as well as help them grow and expand its business and marketplaces with
- Central Pattana, Central Group and its tenants Bangkok (13th November 2018) – Central Pattana plc (CPN) has today announced its joint venture with Common Ground Group, Southeast Asia’s fastest-growing coworking space brand, to launch the new brand of ‘Common Ground’, a fully-functional coworking space, in order to create the new generations of innovative entrepreneurs and startups community and to build on its vision of being the ‘Center of Life’. It targets to invest Bht 800 million to open 20 branches within five years.
The first branch will open at the beginning of next year, aiming to become ‘the first and the best community’ linking networks of innovative entrepreneurs in Thailand. This highlights Central Pattana’s strength in being Thailand’s #1 retail property and shopping centers developer, where business growth can be built on the network and marketplace within Central Pattana and the Central Group. The coworking space will meet the needs of a modern working life with ‘Holistic Lifestyle Integration’ and will support Thailand as a hub of SMEs and startups in Southeast Asia as well as supporting sustainable growth for Thailand’s economy.
Dr. Nattakit Tangpoonsinthana, Executive Vice President of Marketing, Central Pattana plc., said: “We aim to continue its vision in encouraging all entrepreneurs to become the mainspring in supporting the economy following our concept of being ‘Center of Life’. Today, we are launching our new business line under the brand ‘Common Ground’ – a fully-functional working space to become the ‘New Generation of Innovative Coworking Community’ by joint venture with Common Ground Group, Southeast Asia’s fastest-growing coworking space. We aim to welcome the trend of the coworking space sharing economy, which is growing fast around the world and is likely to continue growing over the next ten years. We will move Thailand forward as the new hub of coworking space of Southeast Asia.”
Mr. Isareit Chirathivat, Senior Vice President of Leasing of Central Pattana plc. talked about the trends for coworking space in Thailand, saying that today there are several international coworking space companies investing in Thailand due to two major factors: firstly, it is becoming a mega trend in which the working lifestyle of the new generation has changed and business cost reduction has completely changed the way entrepreneurs and large companies work around the world. It is expected that the coworking space market in Asia will increase from today at 2% to 30% by 2030. Secondly, the growth rate trend of SMEs in Thailand stands at 8-10% per year, which is higher than in neighboring countries. One out of six of the total number of SMEs (or over 500,000 entrepreneurs) has their business located in Bangkok. These SMEs are looking for working space in prime locations but access to premium rental offices is limited and comes at a high price while some larger companies are also seeking to reduce their costs. This is where coworking solutions such as Common Ground come into play as new alternatives in accessing work places or coworking spaces that are filled with premium services and are located in prime locations among the business networks.
Mr. Erman Akinci, a co-founder and Chief Financial Officer of Common Ground, said: “We are very pleased to be joining hands with a partner that has a deep understanding of entrepreneurs in Thailand. We believe that this collaboration with Central Pattana, with its outstanding strength in the lifestyle sector, will help increase the business value and create lifestyle innovations for Thai entrepreneurs for major growth. It will also meet the needs of the modern working life with ‘Holistic Lifestyle Integration’. Our expansion into Thailand is the third regional location for Common Ground in Asia. Our first venue by itself will be 4,500 square meters in Bangkok CBD – a prime locale for creating new contacts and making commuting very convenient. This inadvertently help entrepreneurs and companies reduce their costs by not having to invest in permanent office space. Entrepreneurs can expand their businesses by testing their products in the actual market right in Central Pattana’s shopping centers and other businesses under the Central Group.”
“At Common Ground, entrepreneurs can use our services in any branch around the world and increase the chances of business connections in a more open and diverse atmosphere,” Mr. Akinci added.
Mr. JuhnTeo, co-founder and CEO of Common Ground, talked about expansion plans for Common Ground Group in Asia saying: “In the next five years, we plan to triple the number of branches across Southeast Asia with the aim to have 20 branches in Thailand alone. 10 of these branches will be located in prime locations in Bangkok such as office building connected to CPN’s shopping centers and other grade A office buildings, while the rest of the branches to be in major cities such as Chiang Mai, Phuket, and Pattaya. The goal is to have our customers use our services in these various locations Entrepreneurs can use our services in all locations.”
Mr. Teo added: “Common Ground is a new form of coworking in Thailand, targeting the new generation of working people – 80% SME entrepreneurs, startups and freelancers, and 20% large companies, with an increasing demand for coworking space. With this expansion we aim to create a new lifestyle for Thai people to meet six coworking space trends that will occur in 2019.”
Mr. Teo talked about the six coworking trends that businesses should look out for are:
- The investment trend in coworking space will increase in order to complement the mixed-use projects of real estate developers.
- Local acts global trends which incorporate cultural identities of local entrepreneurs with international management expertise from global brands.
- The trend of improved work-life balance among the new generation of people.
- The trend in using flexible and hyper-competitive space.
- The trend for the need of network connections with technology within the workplace.
- The trend where large corporations start to seek new working space to spur the creativity of their organizations and to help reduce costs in many aspects.