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THE INVESTOR
March 24, 2019
Big Reunion

Startups & Investors

Fast Five ups its ante against WeWork in Korea

  • PUBLISHED :March 07, 2019 - 15:49
  • UPDATED :March 07, 2019 - 15:52
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Korean coworking space firm Fast Five said on March 7 that it will launch its 17th location in Seongsu-dong, Seoul, in May, stepping up its competition with rivals such as WeWork.

The new “Seoul Forest” office, which can accommodate up to 2,000 members, will utilize 11 floors, or 6,611 square meters, of the 17-story building currently being used as the head office of bus operator KD Transportation Group.


Related:
Fast Five seeks to steal WeWork’s thunder
WeWork to offer tailored workspace for Samsung affiliate
WeWork to open 18th location in Seoul in July

What makes the new location stand out from other Fast Five offices is that it will house an incubating center for social ventures, according to the firm.

The social venture incubating center will offer work spaces at affordable prices for select companies running businesses linked to corporate social responsibility. The social ventures can also participate in startup incubating programs, networking events and consulting sessions.

Nonprofit organizations, state-run agencies and private marketing firms have already signed up as the first residents of the new location. In Seongsu-dong, an old industrial district that is under development to become a modern business area, the coworking space firm has been running a shared office, dubbed the Seongsu office, since July last year. Fast Five’s 13th location has been maintaining 100 percent occupancy.

“The 17th office of Fast Five embraces both an open and a relaxing atmosphere that represent the Seongsu area,” said Kim Dae-il, co-CEO of the company. “The company will spare no efforts to help small and medium-sized companies as well as social ventures to focus on their core business and growth.”

Fast Five plans to add 12 more offices by the end of this year in Korea.

WeWork, a global coworking space giant and one of Fast Five’s rivals here, recently announced its plan to open its 18th location in Seolleung, Seoul, in July. Multicampus, a Samsun Group affiliate and an HR solutions firm, will utilize six floors of the 19-story office with one underground level.

By Kim Young-won (wone0102@heraldcorp.com)

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