The shift from traditional to shared office space: Co-working booms in Singapore
More and more co-working operators are setting up shop on the island city of Singapore. And the number of co-working spaces is set to grow 42% by the end of 2018 (to 1.4 million sqft).
Why the boom?
Competitive prices, flexible lease terms, and a rise in project-based working are just some of the many factors inticing corporates to the world of co-working. In response, co-working operators are also rolling out a number of perks that targeting specific industries and markets to retain their competitive advantage and attract more tenants.
International and home-grown operators
Currently, around 75% of coworking spaces are located in the core of Singapore’s CBD, dominated by Regus, which has over ten sites that offer business lounges, hot desks, shared offices and serviced offices. Regus also offers businesses the flexibility of working at any of its centers in Singapore. We are also seeing operators like JustCo, WeWork and The Executive Center pop up around the CBD area, each offering their own member perks.
Singapore has even seen an increase in home-grown brands, that offer more than just a working space, such as the following:
Trehaus Co-work is the brainchild of four working mothers who were looking to create a space catering for working parents. A social enterprise, Trehaus is the first and only operator in Singapore to offer childminding facilities within a co-working environment. In addition to hot desking and dedicated workstations, Trehaus offers children the chance to explore various activities through the Atelier play space. What’s more, kids between the ages of two and three can also join Trehaus Playschool, which runs a range of learning activities in English and Mandarin.
Mox is the first independent design workspace created for artists and creative entrepreneurs. Their concept revolves around building a community of makers, artists, designers, and retailers, with dedicated ‘co-making’ spaces. Community members can book workstations as well as workshop spaces and specialty rooms that offer sewing, baking, and 3D printing facilities.
Core collective is another first for Singapore. Many traditional co-working spaces offer fitness facilities, however, Core Collection turned this concept around to offer Singapore’s first collaborative fitness and wellness center, featuring traditional co-working facilities such as reception, lounge area with hot desks, changing rooms and showers, as well as marketing services and physical assessment rooms for Occupational Therapists, Chiropractors and Fitness and Wellness professionals.
The Centre is spread over two floors, with one floor offering a boxing area, gym, and reformer pilates studios.
Even governmental agencies and landlords are jumping on the shared space bandwagon …
In recent years, the Singaporean government has also opened up to the idea of co-working to accommodate the changing behavior of its working population and as a means of encouraging entrepreneurship. In 2012, the Government even issued grants to help people establish shared spaces and home offices.
With the Singapore government promoting a startup culture and nurturing innovators, we have naturally seen an increase in the number of co-working and incubator spaces.
80RR Fintech Hub
Spread over 100,000 sqft, 80RR Fintech Hub is dedicated to serving FinTech companies in Singapore. 80RR is a joint effort between the landlord of 80 Robinson Road, Hong Leong Ltd, the Monetary Authority of Singapore (MAS) and Singapore Fintech association. The collaborative space offers Fintech companies a rich community with access to networks, resources and high-speed internet.
Mapletree, one of the leading real estate companies in Singapore, has also embraced the shared space industry with CoQoons. CoQoons is located within HarbourFront Office Tower, next to Sentosa and Vivocity shopping center. It offers the traditional spread of hot desks and shared offices, as well as private suites. Members also have access to a Pool table after office hours.
In 2016, Collective Works and Capitaland went into a joint venture to open Collective works at Capital Tower. It is yet another venture into the Co-working space by a leading property firm in Singapore.
Collective Works Capital Tower is a premium coworking space designed to bring together fast-growing small and medium-sized businesses. The shared space features innovative spatial design, efficient layout plans, the latest IT infrastructure and a high-quality fit-out with close attention paid to ergonomics, ambiance, lighting, and acoustics.
Get in touch
Tenant CS is a commercial tenant advisory service that acts exclusively for tenants. If you’re looking to start a coworking space, or are interested in integrating coworking into your commercial real estate portfolio strategy, we can help! Get in touch with one of our friendly team members today!