CoHive to Launch 18-Story Co-Working Building Named CoHive 101
18 March 2019
Co-working space operator CoHive (formerly known as CocoWork) is set to launch co-working space building CoHive 101 in Mega Kuningan area, Jakarta. The 18-story building will feature the company’s three main products: Co-working, Co-living, and Co-retail.
CoHive Co-Founder and CEO Jason Lee explained that the building represented the company’s commitment to strengthen its presence in Indonesia. Inside, the building will be able to facilitate 4,000 members in doing their business and daily activities through facilities such as open work space, private office, meeting room, event space, and co-retail space. The top floor of CoHive 101 will be utilised as CoHive’s headquarter.
According to Lee, in the past 1.5 year, CoHive had experienced up to 14 times growth in the number of properties it owned, and 80 times growth in the number of properties it managed. At the moment, CoHive is operating coworking spaces in 28 locations in four cities in Indonesia: Jakarta, Medan, Jogjakarta, and Bali.
“With this rapid and strong growth, we would like to strengthen our presence in the Indonesian market. One of the strategies is by launching CoHive 101, which is going to mark us as the first coworking space chain in Indonesia to launch a high-rise building,” Lee told DailySocial.
From the industrial perspective, Lee said that there is a very high demand from the public for comfortable work environment in big cities such as Jakarta. This demand came not only from startups, but also from corporations and government institutions.
This is why coworking spaces will continue to be in demand in Jakarta, despite the high number of local and foreign operators in the segment. CoHive aims to seize the opportunity by educating the market on why they need to make a switch from conventional to modern work spaces.
“The growing number of coworking space operators in the market needs to be seen as an opportunity to educate the public, in order to widen the market segment for coworking spaces.”
CoHive puts emphasis on customer experience as part of its strategy to grow retention rate. The company is implementing it by hosting events and activities to connect businesses to various parties, including investors.
At CoHive 101, there will be no price difference with other CoHive locations. Users get to enjoy the services in daily, monthly, and yearly packages for flexible desks, special desks, and team desks.
Following the building’s upcoming launch in April, Lee said that the company is set to expand to other locations in different cities. It aims to secure two-fold member growth this year.
Lee declined to share further details on the numbers that they are aiming for, but CoHive currently has 8,000 members for 800 companies.
For its co-living vertical, CoHive plans to expand the capacity of its location at West Vista Apartment, Cengkareng, North Jakarta, particularly at The Crest Building. Lee said that the company will operate two additional floors in the building. In total, the company’s co-living vertical will have 64 rooms ready for members to use.
The co-living concept that CoHive implements is a combination of a work space and a bedroom; similar to studio, compact, or two-bedroom apartments in general. The rate started from IDR3 million (US$210) and it included rent, water, electricity, internet, parking, access to events, and many more.