Coworking Spaces in Singapore
Co-working or shared office space has been hit by the global pandemic earlier, Covid-19 as most of the workers and employees work from home instead. If we look at the Central Business District CBD of Singapore, we can observe most of the staff still not returning to the office as most of the companies such as MNC, banks and many more offers a flexible working schedule.
As the Covid-19 wears on, co-working spaces in Singapore are seeing signs of recovery after a few months. This is because most of the employers are seeking more flexible contracts and people are hoping to return their office as Singapore is entering Phase 3. Some of the office tenants may entirely give up their direct office lease and considering co-working spaces or serviced offices.
“Work From Home Is A New Normal”
Co-working space giant – JustCo is the leading co-working space operator with 19 outlets across Singapore, accommodating both freelancers and enterprises.
Co-working spaces offer shorter leases compared to traditional office spaces, which typically lock-in contracts for at least two to three years. This flexibility has become an even bigger lure for companies, faced with economic uncertainty amid the drawn-out pandemic. That means that while the overall office market has been slower, the co-working space has seen an increase in demand for certain products such as a hot desk and meeting room.
Singapore CBD Grade A office rents to continue slide in 2021 but less sharply than in 2020. Working from home (WFH) is continuing to be the default work option in Singapore and many companies are still in the process of reassessing their spatial requirements and deciding whether they need to downsize or not.
For me I love the office vibes and I will opt for returning to the office. How about you?