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New international coworking company poised for debut in Chile

InvestChile - November,27,2019

Venture X was founded in 2012 and forms part of the United Franchise Group, headquartered in Palm Beach, Florida; it owns nine brands, with more than 1,500 franchises across 80 countries.

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A new player is set to join Chile’s growing coworking industry. US-based Venture X will open in the country through a master franchise and the plan is to open branches in Santiago and the regions.

The company was founded in 2012 and forms part of the United Franchise Group, headquartered in Palm Beach, Florida. It owns nine brands, with more than 1,500 franchises across 80 countries.

The franchise for Chile was acquired by a local family office, which was advised by Kayco International. Its executive director, Marcos Kaplún, explains that Venture X offers membership-based coworking and community spaces, with a concept at the forefront of the growing trend in “sharing” industries and a combination of open space and high-standard private offices.

“Its spaces are a mixture of a boutique hotel and a modern office style, with a higher level of design than most spaces,” he says, adding that the first facility will be in the Providencia municipal district.

Venture X emphasizes that it attracts a broad membership base that includes creative industry professionals, freelancers, new businesses, entrepreneurs, non-profit organizations, small businesses and large teams of Fortune 500 companies.

Currently, Greater Santiago has over 65,000 square meters of coworking space for rent, distributed in more than 90 buildings, mainly in the Las Condes district. Chile Cowork estimates that, around the country, there are 140 facilities, to which a further 40 will be added this year.

WeWork is currently the sector’s largest player in Chile.

According to experts, the accounting norm under which office rental must be recorded as a liability has boosted the business. The norm, known as IFRS 16, under which a rental contract is considered a liability, not an expense, came into force on January 1.

Globally, there are an estimated 19,000 coworking spaces. According to US-based real estate services company, JLL, this will rise to over 200,000 by 2030.

To find out more about investment opportunities in Chile, see this article.

Source: Diario Financiero

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Topics: Foreign Investment in Chile- Foreign Investment- cowork- Venture X- United Franchise Group- Office

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InvestChile

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