LISTED property developer Cebu Landmasters, Inc. (CLI) has entered the co-working space market with the launch of WorkNook in Cebu City.

WorkNook caters to freelancers, small businesses, and students, CLI said in a regulatory filing on Monday.

CLI’s first co-working space is located at the Base Line Center mixed-use development along Juana Osmeña Street.

WorkNook features private offices for teams and groups, co-working spaces for individuals, and meeting rooms for discussions or presentations.

Citing a study by digital communications technology company Cisco, CLI said that 37% of Filipino workers feel that traditional office setups limit their potential, underscoring the need for co-working spaces.

“Our goal is to support professionals seeking alternatives to working from home in a modern, positive work environment,” CLI Senior Vice-President for Marketing and Leasing Joanna Marie Soberano-Bergundthal said.

“WorkNook reflects our vision of creating spaces where today’s professionals can thrive,” she added.

CLI said the flexible workspaces are priced at introductory rates starting at P250 for half a day, P350 for a whole day, P1,800 weekly, and P5,500 monthly.

The private office spaces are available for P9,000 monthly, dedicated seats at P7,500 monthly, and meeting rooms of various sizes for four-hour use designed for professionals and teams.

CLI said the launch of WorkNook will contribute an additional 32,196 square meters (sq.m.) of leasable space to the company’s pipeline.

The property developer saw a 47% increase in leasing revenue from January to September 2024, reaching P144 million, led by 9,219 sq.m. of new leasable space in its portfolio.

WorkNook is open Monday to Saturday, from 8:00 AM to 6:00 PM, with 24/7 access to private offices.

Meanwhile, CLI said in a separate regulatory filing that the Securities and Exchange Commission on Jan. 10 approved a move to increase the number of its board directors to 11 from 9. 

For the first nine months of 2024, CLI grew its net income by 7% to P2.3 billion as revenue climbed by 9.2% to P14.1 billion on strong demand across residential, mid-market, and economic housing segments, along with commercial lot sales.

CLI shares fell by 0.76% or two centavos to P2.62 per share on Monday. — Revin Mikhael D. Ochave