Global office sharing group WeWork has picked Rosebank as its first foray into Africa.
WeWork is a $47 billion workspace sharing company that leases office spaces and sublets them out to individuals and start-ups.
The group is one of the billion-dollar “unicorns” that have emerged from venture funding over the past few years, and has seen rapid growth.
In December, it opened in its 100th city globally, compared to the 65 cities across 20 countries in the prior year.
By the end of January 2019, it has a total of 425 offices in 32 countries – excluding South Africa.
WeWork said that its first office in the country will occupy six floors of the nine-story Rosebank Link, which recently got a major facelift from Redefine Properties.
The space in Rosebank will cater to businesses looking for shared space from various sectors, with the group promising “art-filled lounges, bright and airy conference rooms, and sleek private offices”.
It also boasts close proximity to the Rosebank Gautrain station which sits right next door to the offices, and leverages its closeness to Rosebank mall and trendy places like the Neighbourgoods market.
Among the services the shared space offers, WeWork also notes that businesses will have access to:
- Onsite staff
- Cleaning services
- Phone booths
- Fruit water
- Conference rooms
- High speed internet
- Micro-roasted coffee
- Professional & social events
- Unique common areas
According to Reuters, in South Africa WeWork’s business strategy will differ from its other markets.
Here, it has signed a revenue-sharing lease with Redefine (The Link), which broadly means the rent would depend on the revenue it generates from subletting the space, a source familiar with the matter told Reuters.
WeWork Managing Director Eugen Miropolski told the group that there are currently no immediate plans to expand further into Africa, with the focus for now being on launching in Johannesburg.
The group has not yet released the pricing for office space. Prices in the US range between $325 to $600 (R4,400 to R8,160) per month (depending on the location), with prices in the UK going at GBP550 (R9,650) per month.
In emerging market countries like Brazil, space goes for R$700 (R2,570) per month, while India space is 17,000 rupees (R3,240) a month.
The Link in Rosebank
Joburg office concept