{"id":23969,"date":"2019-03-16T11:50:42","date_gmt":"2019-03-16T03:50:42","guid":{"rendered":"https:\/\/www.99.co\/blog\/singapore\/?p=23969"},"modified":"2022-06-13T17:06:24","modified_gmt":"2022-06-13T09:06:24","slug":"co-working-spaces-are-taking-over-the-office-market-heres-why","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/co-working-spaces-are-taking-over-the-office-market-heres-why\/","title":{"rendered":"Co-Working Spaces are Taking Over the Office Market; Here&#8217;s Why:"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div><p>Most of us suspected it would happen as far back as 2015, but this year it&#8217;s pretty much confirmed: co-working spaces have begun to dominate the office property scene. We expect it to continue, with co-working spaces rushing for a piece of our lucrative SME scene:<\/p>\n<h3>What&#8217;s happening with co-working spaces?<\/h3>\n<p>According to Colliers International, co-working space made up almost half (45 per cent) of the net absorption for office space last year. Along with the Tech, Media &amp; Telecom (TMT) industry, co-working spaces are now a key driver of demand for Grade A office space.<\/p>\n<figure id=\"attachment_23986\" aria-describedby=\"caption-attachment-23986\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\" wp-image-23986\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/03\/co-working-space.jpg\" alt=\"Top view of coworking people sitting together.\" width=\"650\" height=\"341\"><figcaption id=\"caption-attachment-23986\" class=\"wp-caption-text\">Co-working spaces have seen a surge of popularity across Asia<\/figcaption><\/figure>\n<p>Across Asia, we&#8217;re seeing the same trend; in 2017 and 2018, TMT and co-working spaces accounted for 23 per cent of prime office space in Central Business Districts (CBDs) across Asia.<\/p>\n<p>In Singapore, co-working spaces occupy five per cent of Grade A office spaces in Singapore. Colliers also notes a gradual shift outside the CBD; co-working spaces are showing an increased interest in Grade B office stock.<\/p>\n<p>At 99.co, we believe the shift toward city fringes reflects Singapore&#8217;s de-centralisation (i.e. the process of creating business hubs in areas outside the CBD, such as the planned Punggol Digital District, or the now established Jurong Gateway).<\/p>\n<p>There are some key reasons why this trend is set to grow:<\/p>\n<ul>\n<li>Start-ups and SMEs prefer flexible lease terms<\/li>\n<li>Pooled office resources<\/li>\n<li>Growing recognition of networking benefits<\/li>\n<li>Rise of the gig economy and freelancers<\/li>\n<\/ul>\n<h3>1. Start-ups and SMEs prefer flexible lease terms<\/h3>\n<figure id=\"attachment_23987\" aria-describedby=\"caption-attachment-23987\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\" wp-image-23987\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/03\/Contract.jpg\" alt=\"Signed leased documents on a table with a pen\" width=\"650\" height=\"434\"><figcaption id=\"caption-attachment-23987\" class=\"wp-caption-text\">SMEs dislike the inflexible lease terms of traditional office spaces<\/figcaption><\/figure>\n<p>In most conventional office spaces, a three-year lease is the norm. Lease terms are often ironclad, leaving tenants with little flexibility. This is problematic for start-ups and SMEs, which often have indeterminate staff sizes in their growing years. For example:<\/p>\n<p>Say you&#8217;re running a small business with just seven employees. There&#8217;s a chance &#8211; but not a guarantee &#8211; that you&#8217;ll need to take on as many as 10 more staff over the next three years. Do you then rent a small office sufficient for seven, or a larger one appropriate for 17?<\/p>\n<p>If you don&#8217;t grow as planned, you&#8217;ll waste a lot of money on rent. But if you do take up a smaller office and your staff <em>does <\/em>grow, you&#8217;ll be stuck with the small space for at least three years.<\/p>\n<p>Co-working spaces don&#8217;t present businesses with such issues. First, their spaces are highly flexible; these can range from &#8220;hot-desking&#8221; for individual employees, to some businesses taking up a whole floor (e.g. Hootsuite at The Working Capitol).<\/p>\n<p>Second, there isn&#8217;t a three-year lease that traps the business, if they need to find alternatives later. This advantage is too huge for many small businesses to pass up.<\/p>\n<p>Now, consider that &#8211; as of 2018 &#8211; <a href=\"https:\/\/www.singstat.gov.sg\/modules\/infographics\/economy\">99 per cent<\/a> of our businesses are SMEs, employing 72 per cent of Singapore&#8217;s workforce. If this massive demographic has a preference for co-working spaces, it&#8217;s not surprising that&#8217;s where the office property scene is headed.<\/p>\n<h3>2. Pooled office resources<\/h3>\n<figure id=\"attachment_23988\" aria-describedby=\"caption-attachment-23988\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\" wp-image-23988\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/03\/Photocopier.jpg\" alt=\"Someone using a photocopier\" width=\"650\" height=\"433\"><figcaption id=\"caption-attachment-23988\" class=\"wp-caption-text\">Pooled resources reduce overheads for small businesses<\/figcaption><\/figure>\n<p>Start-ups are often in a boot-strapping scenario, where every dollar has to be stretched; and even established SMEs tend to be much more conservative with their budget than large corporations. This is where co-working spaces offer their next big advantage:<\/p>\n<p>In these spaces, resources such as photocopiers, fully-equipped conference rooms, stocked pantries, and cleaning services are all shared. These pooled office resources lowers overheads, allowing small businesses to invest more in revenue-generating activities.<\/p>\n<p>Also, many SMEs that invest in these resources may find them under-utilised. A small business that invests in a fully equipped conference room, for instance, may find it a waste when only two major meetings take place every week.<\/p>\n<p>Co-working spaces thus provide a degree of cost-efficiency, which draws SMEs, start-ups, and especially sole proprietorships.<\/p>\n<h3>3. Growing recognition of networking benefits<\/h3>\n<figure id=\"attachment_23989\" aria-describedby=\"caption-attachment-23989\" style=\"width: 649px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\" wp-image-23989\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/03\/networking.jpg\" alt=\"Group of friends talking to each other\" width=\"649\" height=\"434\"><figcaption id=\"caption-attachment-23989\" class=\"wp-caption-text\">Co-working spaces are helpful to new businesses trying to build networks<\/figcaption><\/figure>\n<p>Co-working spaces often conduct seminars, link-up tenants with shared interests, and invite key figures like venture capitalists or business gurus to talk to tenants. This was once hand-waved as &#8220;fluff&#8221;, but it&#8217;s now considered a real strategic advantage.<\/p>\n<p>In fact Enterprise Singapore (through its Plug and Play Network) has made an especial effort to <a href=\"https:\/\/www.enterprisesg.gov.sg\/non-financial-assistance\/for-singapore-companies\/new-market-entry-support\/ppn\/overview\">reach out to co-working spaces in the region<\/a>; this is to help local businesses break into those markets. There is growing recognition that co-working spaces serve a greater purpose than office space; they&#8217;re also catalysts for growth, and ideal for foreign companies trying to integrate.<\/p>\n<p>With the lowering of trade barriers in our region &#8211; such as through the Regional Comprehensive Economic Partnership (RCEP), we can expect more businesses to try expanding into Singapore. Our co-working spaces will be as attractive to foreign SMEs as it is to locals.<\/p>\n<h3>4. Rise of the gig economy and freelancers<\/h3>\n<p>When it comes to freelancers and the gig economy, many people think of Grab drivers or HonestBee helpers. But the gig economy also consists of people who need office space &#8211; illustrators, designers, writers, social media managers&#8230;the list is a mile long these days.<\/p>\n<figure id=\"attachment_23990\" aria-describedby=\"caption-attachment-23990\" style=\"width: 650px\" class=\"wp-caption aligncenter\"><img decoding=\"async\" class=\" wp-image-23990\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/03\/freelancer.jpg\" alt=\"Young Asian freelancer working on the laptop while having a coffee\" width=\"650\" height=\"433\" srcset=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/03\/freelancer.jpg 2121w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/03\/freelancer-1536x1024.jpg 1536w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/03\/freelancer-2048x1365.jpg 2048w, https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/03\/freelancer-150x100.jpg 150w\" sizes=\"(max-width: 650px) 100vw, 650px\" \/><figcaption id=\"caption-attachment-23990\" class=\"wp-caption-text\">Traditional offices are out of the question for many freelancers; but not co-working spaces<\/figcaption><\/figure>\n<p>Many of them now realise a proper working address, and a regular place to meet clients, is essential &#8211; some businesses, for example, will never work with someone provides a home address and wants to meet at Starbucks (that attitude is also changing, but it will take time).<\/p>\n<p>For these workers, renting a traditional office is often out of the question; but being in a co-working space could be a justifiable expense (not least because they often find jobs from other co-working space tenants).<\/p>\n<h3>Office-property investors should get in on the ground floor<\/h3>\n<p>It&#8217;s time for landlords to pay attention to co-working brands like WeWork, Impact Hub, etc. These names are likely to remain major players in years to come. And we wouldn&#8217;t be surprised if more landlords decide to open their own co-working facilities.<\/p>\n<p><em>Would you use a co-working space instead of a typical office? Voice your thoughts in our comments section or on <a href=\"https:\/\/www.facebook.com\/groups\/yourpropertycommunity\/\">our Facebook community page<\/a>.<\/em><\/p>\n<p>&nbsp;<\/p>\n<p>Looking for a property? Find the home of your dreams today on Singapore\u2019s largest<a href=\"https:\/\/www.99.co\/?utm_source=blog%20main%20site%20conversion\"> property portal 99.co<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Most of us suspected it would happen as far back as 2015, but this year it&#8217;s pretty much confirmed: co-working spaces have begun to dominate the office property scene. We expect it to continue, with co-working spaces rushing for a piece of our lucrative SME scene: What&#8217;s happening with co-working spaces? According to Colliers International,&hellip;<\/p>\n","protected":false},"author":65,"featured_media":23985,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53653,57131],"tags":[55355,53657,53658],"persona":[],"class_list":{"2":"type-post","12":"entry","13":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Co-Working Spaces are Taking Over the Office Market; Here&#039;s Why: - 99.co<\/title>\n<meta name=\"description\" content=\"Co-working spaces are taking over, both in Singapore and across Asia. 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