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The traditional perception is that those who rent co-working space are often new start-ups with staff strength of 2-4 people or millennials working on flexible hours, looking at shared office space to work alongside likeminded people. The third category was multinational companies who have special projects for 6 months and didn’t want to commit to rent offices on a standard 3 year contract.
The traditional perception is that those who rent co-working space are often new start-ups with staff strength of 2-4 people or millennials working on flexible hours, looking at shared office space to work alongside likeminded people. The third category was multinational companies who have special projects for 6 months and didn’t want to commit to rent offices on a standard 3 year contract.
Well that much is true but it does seem the co-working concept is gaining traction with larger conventional office space users, for a variety of reasons. In some cases the difference between serviced offices for rent and self-contained co-working space is quite a grey area.
Examples of larger companies moving to rent serviced offices include, Indeed Singapore, which leased a whole floor at Beach Centre through WeWork, US design firm Wilson Associates which leased 10,000 sq ft with JustCo in Marina Square and Walton International took significant space in Manulife Tower through WeWork. The attraction of renting serviced offices for them is they have the flexibility to upsize or downsize at any time and the capital expenditure of fitting out/ reinstating offices is avoided.
At first glance, paying the equivalent of $17.00 per sq ft for a dedicated unit in a co-work center sounds astronomical. However, if you look closer at the details you will find some surprises. For starters, who would have thought you could possibly get 30 desks into a 1,750 sq ft unit. Below is a floor plan of such a unit we negotiated for one of our clients recently. Not only did this small unit have room for 30 desks but there was even room to include 3 custom telephone booths, allowing for privacy during skype calls. As a general rule of thumb, traditional office space ratio is around 120 sq ft per person, so this client would normally have required nearly 4,000 sq ft in conventional office space for a 30 staff head count.
$400 - $500 per month
Average cost of a hot desk
$700 - $950 per month.
Average cost of a dedicated desk
12-24 Months
Typical lease term
Outlined below are the advantages and disadvantages:
Meeting Rooms | Per hour | Per half Day | Per hour | |
---|---|---|---|---|
Meeting room 6 people | $60 | $180 | $360 | |
Meeting room 8 people | $80 | $240 | $480 | |
Boardroom 10-20 people | $100 | $300 | $600 | |
Seminar room up to 20 people | $140 | $420 | 840 | |
Event Space up to 80 people | $350 | |||
Video conference Room | $240 |
Other Services | |
---|---|
Secretarial Service | $10/10 mins |
Photocopying/printing by page | $0.25 BW. $1.00 Color |
Scan to email per page | $2.00 |
Internet Static IP | $90 per month |
Private Internet / phone | $180 per month |
Additional set of workstations | $350 per month |
Company Signage/Listing | $180 one off |
Lockers | $60 per month |
Sample floor plan
1,750 sq ft unit
30 desks