South Korean shared-working space operator SparkPlus said Oct. 2 that it has opened its 11th location in the affluent district Gangnam, southeastern Seoul.
The new location, dubbed SparkPlus Seolleung III, offers some 3,300 square-meter floor space for some 500 tenants, by occupying five stories in the state-owned Narakiwoom building. It is within walking distance of Seolleung Station.
An exterior view of SparkPlus Seolleung III
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Most of the space is dedicated to participants of entrepreneurship programs run by state entities such as Korea Asset Management Corp. and Korea International Cooperation Agency.
“We will continue to encourage the growth of venture entrepreneurs by partnering with the government and state-run institutions,” SparkPlus CEO Mok Jin-gun said in a statement.
SparkPlus opened its first location in November 2016, jointly with global startup accelerator SparkLabs and Aju Hotel & Resort, a real estate arm of construction-to-finance Aju conglomerate.
Howevere, it has been in the red, logging a 1.5 billion won ($1.2 million) net loss in 2018, even as its revenue jumped fivefold to 4.7 billion won.
Eight out of 11 office spaces – customized for tenants -- are located in Gangnam. Other three are in Seoul’s central business district -- near Seoul Station, Seoul City Hall and in Euljiro. SparkPlus plans to open up to four more office spaces by the end of 2019.
Korea is home to coworking space brands including SparkPlus and Fastfive, competing with global shared office giants WeWork and JustCo in the nation.
An interior view of SparkPlus
By Son Ji-hyoung (firstname.lastname@example.org)