Real estate

Coworking Space in the Capital Is Being Reinvented

Coworking offerings in Phnom Penh slated to receive a boost after a dynamic partnership was inked between Cambodian and US companies.
Coworking model offers flexible terms to corporate tenants, unique and engaging experiences to employees
Coworking model offers flexible terms to corporate tenants, unique and engaging experiences to employees

Cambodian real estate company, Phalkun Commercial, has teamed up with US-based consulting firm, OpenWork Agency, to help provide services in the Kingdom to set up a dynamic and hybrid coworking space.

The Memorandum of Understanding (MoU) was signed between Phakun Commerical (www.phalkuncommercial.com) and OpenWork Agency (http://www.openwork.agency/) on April 18, after a year of talks.

“We see a huge market for coworking space. There has not been anyone fulfilling these services of consultations and preparations of coworking space for big real estate owners in Cambodia, especially in Phnom Penh,” said Mey Phalkun, Managing Partner at Phalkun Commercial.

Mey Phalkun, Managing Partner at Phalkun Commercial
Mey Phalkun, Managing Partner at Phalkun Commercial

He added that both companies have years of experience in their field. OpenWork Agency is based in Texas, USA, and has been working in this sector since 2008.

David Walker, Founding Partner at Openwork Agency, said, “Powered by coworking, Phnom Penh is poised to be one of the epicenters for the future of work for building owners and corporate tenants."

He added, "We are excited about partnering with Phalkun Commercial as the Cambodian business rapidly evolves to provide upgraded office models for corporate tenants and their employees.

“By utilizing the coworking model, real estate developers can offer flexible terms to their corporate tenants, and in turn companies can offer unique and engaging experiences to their employees.”

David Walker, Founding Partner at OpenWork Agency
David Walker, Founding Partner at OpenWork Agency

With nine years of professional working experience across the financial market, telecommunications, and commercial real estate, Phalkun has explored coworking spaces as a user and through seminars in Phnom Penh since 2013.

He built a business in 2017 while running a startup, KHPages.com. In 2018, Phalkun co-founded “Coworking Today”, a coworking space and serviced offices for freelancers, consultants, startups, and small companies in the capital.

With the collaboration with the OpenWork Agency, Phalkun hopes to see Cambodia change in positive terms through better and more workable coworking space.

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Phalkun said that together with OpenWork Agency, we have all the expertise and experiences to help office building owners to set up coworking spaces as well as supporting companies seeking to include a coworking model inside their own existing offices.

“When a company employs more than 100 staff and after the Covid-19 pandemic, they realize that there are a lot of changes in office space utilisation of their staff. We need to adapt to the new normal, that it fits the work, that employees are happy to do the work either in the office or from home so a company in return succeeds. All of these require experts who can provide consultation to leaders of companies regarding change management.”

Phalkun said the use of working offices has changed after the pandemic in which people still need space to work but with better conditions, such as parking, price, flexibility, internet connection, and environment that ensure health and safety in the workplace.

“This concerns everyone and in the next five years, people will need less space, not a fixed one, meaning people will need hybrid workspace so people don’t have to work at a fixed place but from anywhere."

“Therefore, both small and big companies will need an office as a base, not a big one. They want a dynamic and hybrid place that can fulfill their needs.”

A hybrid workplace
A hybrid workplace

He said the consultation services will be provided as a module base and customised solution depending on assessment or clients' requirements. Modules include feasibility study, strategy development, financial modeling, design and branding. Also, the services will also work on operation and how technology can be embraced for efficiency and profitability in a coworking space.