The traditional perception is that co-working space is targeted at new start-ups with a staff strength of 2 - 4 people, or millennials working on flexible hours looking to work alongside like-minded people, or multinational companies who had special projects for 6 months and didn’t want to commit to standard 3 year leases.
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 and self-contained co-working space is quite blurred.
Examples of larger companies moving into this kind of space include Indeed Singapore who leased a whole floor at Beach Centre through WeWork, US design firm Wilson Associates leased 10,000 sq ft with JustCo in Marina Square, and Walton International took significant space in Manulife Tower through WeWork.
Average cost of a hot desk: $400 - $500 per month
Average cost of a dedicated desk: $700 - $950 per month
Typical lease term: 12-24 months
Selected Co-working Spaces in Singapore
Beach Center, 71 Robinson Road, City House, Manulife Tower, Funan, Mapletree Anson, Suntec Tower 5, China Square Central, Singapore Science Park, ARC 380, 109 North Bridge Road
Asia Square, Marina Square, 20 Collyer Quay, AXA Tower, China Square Central, McDonald House (Orchard), Manulife Tower, UIC Building, 6 Raffles Quay, Samsung Hub, 120 Robinson Road, Westgate (Jurong)
The Executive Centre
One Raffles Quay, Marina Bay Financial Centre Tower 1, Ocean Financial Centre, Frasers Tower, The Gateway West
CapitaGreen, 6 Battery Road, Suntec Tower 3, The Metropolis
Clifford Centre, Singapore Land Tower
The Great Room
One George Street, Ngee Ann City
North Bridge Road
For more information on costs, advantages and disadvantages and a case study, view our Q1 / Q2 2019 Office Market Review