Co-work space market evolves to product upgrades

After rapid expansion over recent years, the co-working space business segment in China is shifting its focus to product upgrades and enhanced management, following the rationalization that saw mergers and acquisitions, or M&As, this year, an industry report stated.

Just like in other sectors related to sharing economy, smaller co-working space firms were acquired by bigger ones. Competition has focused more on quality of services and operation, according to a recent report released by domestic online-to-offline or O2O commercial real estate service platform Haozu and the China Real Estate Chamber of Commerce.

Since 2015, when the country began to promote innovation and entrepreneurship, the business segment of co-working spaces, which entails lower costs, flexible management and diverse services, grew steadily and rapidly.