Co-working in Singapore’s Central Business District
In the Central Business District (CBD), there are 53 co-working space locations currently, up from about one-fifth of the overall 40 co-working offices a year ago. The concept of co-working has found favor among start-ups and small and medium enterprises which are not ready to commit to a long-term office lease. In recent years, co-working spaces’ popularity has grown exponentially.
As the business demand for flexible work areas rises, and property market softens, co-working spaces around Singapore’s Central Business District (CBD) have seen a healthy take-up. An average of 2 million square feet of office space is expected to be completed in the CBD, this is double the annual average of 1 million square feet over the past 10 years. As a result, the growing popularity of co-working, and subsequent increase in having such operators will help soak up the market supply.
According to the UK firm Emergent Research, an average co-worker only uses his/her space for less than 20 hours a week. Due to this reason, developers decided to market more than just an office table. The benefits of co-working spaces are access to prime locations and regional networks, lease flexibility, space for communal interactions and invitations to networking events and business contacts.