FastFive Surpasses 40 Branches in Seoul City

2021 Major Growth Indicators Released

[Asia Economy Reporter Kim Cheol-hyun] Office platform FastFive (CEO Kim Dae-il) announced on the 23rd that as of 2021, it has surpassed a cumulative member count of 25,188 and 40 branches.

The 40th branch is Sadang Branch, the 12th branch located in an area outside the core business district. Sadang Branch is a 'Building Solution' branch that shares risks and profits through a partnership with the building owner rather than a lease contract.

Since opening Yeongdeungpo Branch in April, FastFive has expanded into new shared office locations such as Guro, Yongsan, and Hannam. They analyzed that the introduction of the Building Solution, which provides services like remodeling and vacancy management to building owners and allows FastFive to quickly secure branches without fixed costs, was effective.

For branches that have been open for more than six months, the occupancy rate reached 98.16%. The overall average vacancy rate for all FastFive branches, including initial openings, is 3.24%. They explained that they manage the average vacancy rate within around 3% throughout Seoul.

The longest-using tenant has been utilizing FastFive for nearly five years. This dispels the perception that shared offices are only used short-term by small companies or early startups. Kim Dae-il, CEO of FastFive, said, "Last year’s major achievement was being able to serve almost all demand for workspaces, from freelancers to large corporations," adding, "As we connect the largest number of tenants and landlords in Korea, we will continue to expand non-lease businesses by leveraging our platform power this year."

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This content was produced with the assistance of AI translation services.