Filinvest enters coworking industry amid remote work revolution

MANILA, Philippines — Gotianun-led developer Filinvest Land Inc. (FLI) is venturing into the coworking space business as more companies opt for remote work postpandemic.

In a stock exchange filing on Friday, FLI said it partnered with global coworking space provider KMC Community Inc. to launch Our Space Solutions Inc. (OSSI) and cater to the rising demand for coworking spaces in the country.

OSSI’s spaces are located in Axis Tower One within Filinvest REIT Corp.’s Northgate Cyberzone in Muntinlupa City.

It aims to open more spaces in Filinvest Land’s Makati, Quezon City, and Pasig office properties, according to FLI.

“The rise of remote work has significantly reshaped the landscape of office spaces,” Tristan Las Marias, FLI president and CEO, said in a statement.

READ: More cities adopt coworking model due to cost, convenience, and efficiency

Under the joint venture agreement, FLI and KMC will establish, operate, develop, manage, and maintain flexible workspaces.

This also includes offering private serviced office seats and coworking arrangements within commercial buildings.

“Our partnership with KMC, a recognized leader in the coworking industry, allows us to address this growing demand with innovative and adaptable solutions under the Our Space Solutions Inc. brand, and further provides alternate rental solutions to improve occupancy of FLI and FREIT office spaces,” he added.

READ: Filinvest, KMC in P100-M coworking space venture

FLI plans to launch P25 billion worth of projects this year to expand its footprint.

Las Marias previously said they would prioritize mid-rise condominium buildings and residential townships in provinces to provide more affordable units while meeting demand. —MEG J. ADONIS