Occupancy also slipped 0.6% in the same quarter.
The COVID-19 pandemic has changed how people and companies work.
According to a recent study from Singapore Business Review, more than 82% of workers want flexible remote work options to stay, showing that the pandemic has brought the possibilities of such working arrangements to the fore.
With the increased demand for flexible working, coworking offices have become more and more popular, especially as many workers are starting to feel distracted and even disheartened about the continuous work-from-home regime in the prolonged battle against the pandemic.
If you are looking for a change of environment, coworking operators offer a myriad of benefits as opposed to traditional, conventional offices. From freelancers to fully-fledged teams, they cater to working professionals and offer them spaces available at any budget and in a variety of accessible, central locations within your city’s central business district.
So, are coworking offices worth the investment? Below, we investigate the ins and outs of coworking spaces if you are considering making the move:
Coworking, by definition, is an arrangement in which a group of independent working professionals share an office to achieve an efficient working regime. As well as fully furnished dedicated work areas – both private and shared – many coworking spaces also have features such as technological equipment, utilities, refreshment services and a concierge.
The working world has evolved extensively over the last few years, accelerated even more so by the global COVID-19 pandemic. Throughout 2020 and 2021, government regulations have advised most working professionals to work from home.
Although working remotely was initially an exciting prospect, as we descend into the second half of 2021, the novelty is wearing off. Working demands and outside constraints have created a growing interest for more dynamic, flexible working arrangements which coworking spaces promote. For those looking for a change of scene that is away from home and the traditional office, coworking operators provide the answer to their needs.
For the on-the-go entrepreneurs, hybrid hustlers and expanding companies, shared offices are the future. As a hotspot for start-ups, working professionals and freelancers, coworking spaces put every individual or company demands and needs first. For larger companies, coworking spaces are perfect for split team arrangements. The best workspace providers give flexible payment terms, a comfortable, fully furnished working environment for focused work, and a communal space for interaction, conversation and collaboration with fellow members, partners and guests. On top of private office spaces, coworking operators also include plenty of hot desks for members to use as and when they require throughout the day, as well as for outside guests to rent on demand.
Every coworking space boasts unique features. With the increased importance of wellbeing within the workplace, workspace needs must adapt. Many flexible offices offer dedicated wellness areas for rest and relaxation to ensure maximum productivity, helping companies improve and maintain employee engagement and work quality. Most shared workplaces also feature a pantry, kitchen, breakout area as well as beverage stations with coffee, tea and water to encourage and motivate members to keep going throughout the day.
In the wake of the coronavirus crisis, health and safety are of paramount importance and coworking operators are adapting to these demands with health declarations, temperature screenings and safe-entry check-ins.
Situated in a central location with commuter links, restaurants and other facilities close by, coworking spaces give members access to business venues and amenities such as meeting rooms and IT support as well as a reliable infrastructure with high-speed Wi-Fi, and constant support from the internal team.
Workspaces are no longer about having a place to work. We have all had to find a dedicated area at home to use as make-shift office space over the past year; however, business leaders today are not only looking for a conducive environment for work but also one that will take their work experience to the next level.
As well as providing members with all the amenities, facilities and utilities for a productive working environment, through a human-centric philosophy, coworking spaces offer tailored solutions for each member.
After the coronavirus crisis and months of working from home, many professionals crave social interactions with other human beings. Most of us are looking to build and maintain connections as remote working has increased a feeling of isolation. Unlike conventional offices spaces, coworking operators promote the idea of creating a network by forming relationships with other members, professionally and personally. Evolving from the traditional, old fashioned office, today’s coworking offices are all about community. Whether it’s interacting with fellow members or the internal team, tenants will receive a warm welcome from the concierge in the morning and a friendly goodbye at the end of the day.
In addition to removing the hassle of running an office and providing support to members in these unpredictable times, coworking spaces offer a low-cost model with flexible lease terms and packages that ensure a lower level of commitment compared to traditional workplaces. As the constraints of the COVID-19 pandemic continue, these solutions have become more important in making businesses feel safe throughout the most turbulent of times. In addition, it provides greater control for both the member and operator, allowing companies to adapt to any situation.
Ensuring members are free to concentrate on their work, flexible workplace providers look after all furniture, many of which feature today’s state-of-the-art adjustable desks, as well as amenities and utilities to maintain a conducive working environment.
Looking to impress prospective clients or talent? As well as offering networking opportunities, premium coworking spaces can help elevate business’ external images. Today, making a good impression is everything and being in a smart, centrally located office space with a myriad of benefits can help project a positive image for a company and impress clients, partners, guests as well as existing or potential talent.
While coworking spaces offer a huge range of benefits, there are some things you need to keep in mind.
For some hotdesking clients, the lack of a private space can require the constant transporting of personal items to and from the office at the start and end of a working day. At an additional cost, coworking spaces offer dedicated, private offices that are fully furnished, complete with a workstation and storage space for members to lock away their belongings and enjoy undisturbed, focused work away from the communal areas.
Unlike traditional offices, coworking spaces are all about gathering people from different industries. As such, shared spaces are often lively and bustling with energy and conversations. Whether these are from members discussing work, catching up over a coffee or liaising with internal staff, there will always be a certain level of hustle and bustle. For those looking for a tranquil environment for diligent work, these open areas may not always the place to be. However, many coworking spaces also offer private offices for individuals who require complete peace and quiet to work. Some even offer dedicated focus areas.
Although we’ve seen that most coworking operators can support their members throughout their expansion across Asia, it’s fair to say that there is only so much hot desking or shared spaces can offer in terms of expansion! When a team has outgrown their working arrangement, this might mean needing to find a larger, private office. It would be best to find a workspace provider that has the ability and flexibility to make this jump up.
The very meaning of the office continues to change as professional needs, demands and expectations evolve in the wake of the COVID-19 crisis. Companies must decide on what is important to them and their employees. If a flexible working arrangement in a human-centric, adaptable and well-designed environment is what they are looking for, coworking spaces surely are the answer.
Occupancy also slipped 0.6% in the same quarter.
SINGAPORE (EDGEPROP) – The verdict is out on working from home: the trend is here to stay, to varying degrees — and that means co-working operators will vie directly with employees’ own living spaces.
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