Greater China’s co-working office sector has seen rapid growth and expansion, from a few large venues several years ago to 550 locations in key city markets at the end of first quarter 2018, according to Cushman & Wakefield’s latest report, Greater China Co-working Office Space.

According to the report, domestic operators currently dominate the co-working office sector, with 79 percent market share in mainland China’s first-tier cities of Beijing, Shanghai, Guangzhou and Shenzhen.

Strong fundamentals underpin the sector, notes Cushman & Wakefield, including:

An influx of capital from corporates and venture capital firms The rise of millennials and a new age of entrepreneurialism More multinational companies seeking flexible lease terms and cost savings Advanced technology spurring the co-working revolution

Because the sector is still in its infancy, however, the market is fragmented in some ci