A new co-working space in the South is underway as Filinvest Land Inc. (FLI) and KMC Community Inc. (KMC) inked a flagship partnership, Our Space Solutions Inc. (OSSI), on April 25, 2024.
The agreement covers the establishment, operation, development, management, and maintenance of flexible workspaces that would be located at Filinvest REIT’s Axis Tower One in Filinvest City, Alabang.
The partnership will also include offering private serviced office seats and co-working arrangements within commercial buildings across the Philippines.
Leading the event were FLI President and CEO Tristan Las Marias, FLI CFO Venus Mejia, WorkSpace Solutions CEO and KMC Solutions Inc. Co-founder Michael McCullough, KMC Solutions Inc. COO Tracy Ignacio, FIL REIT Corp. President and CEO Maricel Brion-Lirio, and FIL REIT Corp. Chairman Joseph Yap.
Las Marias said that FLI and KMC's partnership is a major step in catering to the growing demand for co-working spaces in the Philippines.
"Our partnership with KMC, a recognized leader in the co-working industry, allows us to address this growing demand with innovative and adaptable solutions under the Our Space Solutions Inc. brand, and further provides alternate rental solutions to improve occupancy of FLI and FREIT office spaces,” said Las Marias.
McCullough, meanwhile, acknowledged that the partnership will lead to becoming the leader in the co-working space industry in the country.
According to KMC's 2024 forecast, a vacancy rate of 19.6 percent is eyed for office spaces, higher than the 2023 closing rate of 19.3 percent. This means that more spaces will be able to cater to the growing demand for co-working spaces as it becomes the new trend in working conditions.
Further, KMC reported that the Gen Z workforce affects the shift in the office sector outlook, with corporates and start-ups taking up flexible spaces as rents also continue to marginally increase.