WeWork Premium launches in Korea for those willing to pay up

WeWork's Seoul Square branch in Jung District, central Seoul. WeWork Korea started offering its premium plan at four of its offices in Seoul, including the Seoul Square branch. [WEWORK KOREA]

WeWork Korea is now offering larger workspaces as well as other exclusive services for customers willing to pay extra.

The so-called WeWork Premium plan, which began May 1, is the first of its kind in any of the company's global branches, said WeWork Korea. The premium plan offers workspaces 2.5-times bigger compared to the basic option, an electric height-adjustable desk, and other services such as separate space designated for premium subscribers and community events.

WeWork Korea explained that its start-up customers, which are mostly tech service companies, have a strong preference for bigger workspaces compared to overseas clients.

"At other WeWork branches overseas, 99 percent of the corporate customers seemed to use basic desks," said Chun Chung-joo, general manager of WeWork during a press conference held at the company’s office in central Seoul, Tuesday.

WeWork Korea has already been offering customization services for some of its local customers as "there is a strong demand for bigger workspaces" among fast-growing Korean IT companies, according to Chun.

The global expansion of WeWork Premium services, originally designed as a localization strategy targeting corporate customers in Korea, is currently under discussion, said WeWork Korea.

The company did not reveal the exact price of the subscription plan, which is currently available at four of its 19 offices nationwide.

Korea is currently one of the biggest markets for WeWork, along with Britain, France and Singapore, said the company.

WeWork reported quarterly revenue of $765 million for the January-March period, up 28 percent on year. WeWork Korea did not disclose its quarterly revenue, but said that it saw a 23 percent increase in the first quarter on year.

WeWork Korea’s annual revenue was 99.7 billion won ($78 million) in 2021, up 8 percent on year.

WeWork All Access membership, which was rolled out globally in January 2021, is another key product, said the company. A WeWork All Access membership allows users to access every WeWork office worldwide, with a monthly membership fee of 225,000 won.

WeWork Korea also explained that WeWork’s mobile keycard application, which will allow members to enter WeWork spaces, will be adopted in the third quarter of this year, starting with Korea.

BY SHIN HA-NEE [shin.hanee@joongang.co.kr]