SHANGHAI & BEIJING--(BUSINESS WIRE)--Kr Space Ltd., China’s leading co-working space provider, today announced the opening of two new locations in the financial and central business districts of Beijing and Shanghai. Kr Space also plans to open 12 new locations in Beijing and Shanghai in the next 100 days in order to meet the fast-growing demand for co-working space in China and cement its position as the industry’s homegrown champion.
The 12 new locations will provide additional space for China’s startup entrepreneurs and established business leaders who are looking for flexible office space in world-class facilities. The planned locations will include co-working space in Beijing’s Central Business District, Wangfujing Street, Finance Street, Lujiazui and the Bund in Shanghai. These new locations will add nearly 100,000 square meters to Kr Space’s China portfolio, giving the company over 40 office locations and 300,000 square meters of co-working space in key cities across the country.
“We see huge potential for co-working office space in China and our local knowledge – combined with our entrepreneurial roots – gives us a competitive advance in serving the next generation of companies who are driving innovation and disruption across multiple industries,” said LIU Chengcheng, Chairman & Founder of Kr Space. “Kr Space has quickly established itself as a leader in China, and over the next three years, we want to expand our market share by bringing our high-quality office space to more cities across the country and around the world.”
China’s wave of entrepreneurial growth is driving the demand for co-working space. Over 6 million new businesses were started in China last year, a 27% increase from 2016. According to Frost & Sullivan, China’s co-working space industry will grow at an annual compound rate of 50.2% in the next 5 years. The total area of China’s co-working space will reach nearly 80 million square meters by 2022, which will represent more than 16 % of the country’s total office space.
“Kr Space has built a solid business model enabling it to become China’s homegrown co-working space provider,” said Jeacy Yan, Partner of IDG Capital, an investor of Kr Space. “The company’s next phase of expansion will be focused on consolidating Kr Space’s leading market position at home and expanding abroad in the coming months.”
Kr Space traces its roots to 36Kr, one of China’s most vibrant online communities for entrepreneurs and startup executives to discuss technology. This close connection to China’s technology community, has enabled Kr Space to develop an innovative approach to co-working space – from its consistent office space layouts, which encourage collaboration to its flexible leading model that supports the business needs of companies at all stages of growth.
About Kr Space
Established in 2014, Kr Space is China’s leading co-working space provider for entrepreneurs and fast-growing companies. Kr Space currently operates 200,000 square meters of office space in 40 locations and 9 major cities in China, including Beijing, Shanghai, Guangzhou, Hangzhou, Nanjing, Wuhan, Tianjin, Chengdu, Suzhou. It has over 2,000 corporate members and 20,000 individual members.