Fastfive, Revealing Use Index for Shared Office

Fastfive presented data related to the use rate of its shared offices on January 9.

Starting from the first shared office in Seocho-dong in 2015, Fastfive opened 16 offices in Seoul. Recently, the 17th and 18th lease contracts have been finalized, securing the total space of 20,000 pyeong. As of January 2019, there are a total of 8,000 Fastfive members including employees.

According to the survey, companies with 20 to 49 staff members account for the largest share (32%) of total tenants, followed by companies with one to nine staff members (28%), 10 to 19 staff members (24%), and 50 staff members or more (16%). Fastfive mentioned, “Unlike the perception that the major clients using the shared offices are start-ups with less than 10 staff members, in fact, companies with 20 staff members or more are the main users of the shared offices.”

In terms of company type, SMEs take up the largest part of the users which account for 43%, followed by start-ups (29%), large TFs and other corporations (18%), and foreign companies (10%). Also, one of the survey results overturns the common notion that shared offices are rented on a short-term basis. There are approximately a thousand companies that have been using Fastfive for more than a year, and some of them have been holding a lease for more than three years.

Apart from those statistics, some interesting results have been revealed, too. Last year 6,394 visitors visited Fastfive being interested in tenancy. In addition, the number of participants in the internal events held in various branches of Fastfive reached 21,300.

The company also unveiled data on consumption of unlimited coffee and beer provided to tenants and visitors for free, which is an additional bonus of renting a shared office. During the year, 15,600 liters of beer (31,200 glasses based on 500 ml) and 10,561 kilograms of coffee beans (around 1,508,714 cups) were consumed.

Kim Dae-il, CEO of Fast Five, said, “We have been moving forward fast since we discovered the business opportunity with shared offices, creating a new business environment with 130 members in our first office.” He added, with strong ambitions, “We will grow to become the largest real estate start-up in Korea, which provides services in the form of space that allows ten thousand members to help each other prosper and to create a win-win business environment, and further provides total real estate services including housing.”

Presenting the 17th and 18th shared offices near Seoul Forest and Gangnam Station, Fastfive plans to continuously expand its business. The company’s strategy is to target newly emerging business areas alongside Seoul’s major commercial districts.