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THE INVESTOR
July 17, 2019
Big Reunion

Startups & Investors

WeWork contributes to growth of startup ecosystem, global economy

  • PUBLISHED :May 02, 2019 - 16:20
  • UPDATED :May 02, 2019 - 16:56
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Coworking space giant WeWork said on May 2 it has released a report on the impact of its shared office business on the world’s economy.

The company’s Global Impact Report, made by consulting firm HR&A Advisors, analyzed global data on WeWork’s positive impact on WeWork members, cities, communities and local economy as of November 2018.




WeWork, which has 400,000 members worldwide, contributed to creating some 280,000 additional jobs in total. The US-headquartered company is estimated to have contributed $122.3 billion to global gross domestic product growth, both directly and indirectly, during the period.

In Seoul, the company created a total of 20,000 jobs, including 16,200 WeWork members and 3,600 additional jobs, while having added some $1.2 billion to the city’s GDP.

The report also showed that 78 percent of WeWork members in the city, the highest among the global metropolitan cities, said the coworking space firm has a significant impact on business growth and their businesses. The figure is far above the global average of 54 percent.

“As the Global Impact Report, indicates that WeWork contributes in job creation and the city’s economy along with an active community that helps neighborhoods thrive, we will continue to fully dedicate ourselves to creating jobs and revitalizing Korea’s ecosystem of local startups and businesses, through WeWork’s unique global networks and communities,” Matthew Shampine, general director of WeWork Korea, said.

Since the opening of its first location, WeWork Gangnam Station, in Korea in August 2016, the company has been supporting the growth of the local creator ecosystem through sustained expansion of new locations. As of April 2019, WeWork had opened 15 locations in major landmark buildings in Seoul and Busan.

“It is very encouraging to see how WeWork is positively contributing to the development of the Seoul city and economy, through its first-ever Global Impact Report,” said Cho In-dong, deputy mayor for economic development at Seoul Metropolitan Government.

“WeWork and Seoul city co-hosted the Creator Awards Seoul last February and will be opening the second fintech lab in WeWork Yeouido Station in July. We are looking forward to having a more vibrant business environment in the city with WeWork’s support for global opportunities and creating quality jobs,” he added.

It plans to open three more offices, WeWork Hongdae, WeWork Sinsa and WeWork Seolleung III, in the summer, and its second Busan location, WeWork BIFC, in the third quarter.

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

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