In last week, Thinkpad and Mydream+(梦想加) debuted their cooperated shared workplace enhanced with Thinkplus series products. As the shared workplace booming in China, Mydream+ is in a leading place and takes a considerable share of the market. With 70% of the team are developers, Mydream+ is expanding with the force of IoT (Internet of Things).
With Thinkplus infused in its environment, Mydream+ combined its unique office system with Thinkpad’s hardware system and formed a complete office ecosystem. As a shared workplace company, Mydream+ provides workplace not only to startup and small teams but also to large enterprises as the market grows. The cooperation demonstrates a probability that how large enterprises like Lenovo could co-work with shared workplace companies like Mydream+ through combing its products and even customized office system provided by the workplace. Though the combination might be exciting, the shared workplace market is still immature and yet to be developed.
Since WeWork founded in 2010, the shared workplace market has been enlarging at a high speed and in China, the expansion rate of market size is averagely 40%+. In China, the market had passed the very beginning stage where startups came in bundles and capital crushed in waves. But in 2018, the heat has cooled down as the capital market’s winter shaded all industries. In this year, the total number of investment activities in commercial real estate (including shared workplace) dropped to only less than half of the number of the last year, but the total amount almost doubled and most of the fund flew into the head of the industry.
For instance, three of the top five shared workspace companies, Ucommune(优客工场), KrSpace(氪空间) and Mydream+ , have absorbed more than half of the capital listed in chart. Comparing to Ucommune’s radical expansion through acquisitions, Mydream+ seems to be gentle in its expansion. Besides learning from WeWork’s one-stop office solution including administrative support, payroll support, and even legal support, Mydream+ insists on providing featured OaaS (Office as a Service) for its customers. The IoT enables Mydream+ to allow customers to connect and control all facilities through its app like meeting room reservation, printings, entrance guard and so forth. Plus the flexibility in customizing office system, Mydream+ is regarded as a potential unicorn in near future.
The market is still at an entry level with an annual compounding rate over 50%, and the expected market size will reach CNY 409.22 billion in 2022 maintained at such a speed.
The competitions among the leading league are intense in alpha cities like Beijing, Shanghai, and Shenzhen, especially in CBD and downtown area. The competition has raised the unit price within a reasonable range, but some are starting to adjust strategy-expanding to sub-alpha cities like Chengdu and Hangzhou. With an optimistic forecasting, the go-down strategy would enable startups and teams to rent the workplace but also those sub-alpha cities to meet new chance brought by the improved working environment.
--Author: FU YingWei; write to YingWei at YingWei@EqualOcean.com