KUALA LUMPUR: Paramount Corporation Bhd’s (PCB) subsidiary, Co-labs Coworking, is expected to further grow its network of space offerings in the Klang Valley this year.
The coworking space provider is also considering the viability of extending its presence to the north and south of the peninsula.
The company officially launched its seventh space at The Five, Damansara Heights today.
PCB deputy group chief executive officer Benjamin Teo, who is also a director of Paramount Coworking, said Co-labs Coworking is one of the top three coworking space operators in Malaysia and is poised to grow further beyond.
“We are now in the final negotiations for our eighth location that we aim to launch by the middle of the year.
“For our members, it means they can cross-locate under our Co-labs Coworking passport system, which means a bigger community and more opportunities for collaboration,” he said after the launching.
Co-labs Coworking is a brand under Paramount Coworking, a subsidiary of PCB.
“We are at an inflexion point in our industry. In 2024, only two per cent of the total office supply is made out of flexible offices.
“Our bullish thesis is that this will grow 10-15 per cent in the next five years,” said Teo.
He said with remote work and flexible schedules becoming increasingly popular, coworking is the perfect solution to meet the changing demands of the post-COVID office landscape.
“Our spaces are designed to accommodate a mix of in-person and virtual collaboration, with more open spaces and shared facilities.
“Through our community programming, we focus more on wellness and sustainability, with our spaces designed to promote employee health and environmental sustainability.
“This is, in fact, the beginning of greater things,” he said.
Co-labs Coworking’s optimism can be seen by its 47 per cent growth in the last three months as one of Malaysia’s top three coworking space operators.
“We have expanded Co-labs Coworking by 52,000 sq ft since November 2023, from 115,000 sq ft to 167,000 sq ft,” said Teo.
“We took up an adjoining space at Tropicana Gardens Mall at Kota Damansara and opened up two new spaces, Ken TTDI at Taman Tun Dr Ismail in Kuala Lumpur and The Five at Damansara Heights,” he said.
Co-labs Coworking The Five, which offers 15,407 sq ft of coworking space across two levels at Block C of The Five @ KPD, has been open for business since 15 January 2024.
It is located at one of the five low-rise buildings that house restaurants, cafés, retail outlets and office spaces. It is also a short walk from the Semantan MRT station.
“Our coworking spaces are reenergizing these buildings, built in the early 1970s, with young people and their creativity energy and productivity,” Teo said.
“Co-labs Coworking is not just an office space but a space for creativity, collaboration and community, for growth and productivity. Our community team members organise and curate activities that foster collaboration and community,” he said.
Photo caption: At the launching of Co-labs Coworking. (From left to right) Paramount Coworking assistant general manager Wayne Yap, Paramount Corporation Bhd deputy group chief executive officer Benjamin Teo and group chief executive officer Jeffrey Chew.
