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Co-working spaces drove demand for office spaces in 2017 as it took up a total of 300,000 sq ft, or 20 percent of all major relocation and expansion activities within the office market last year, reported Singapore Business Review citing Knight Frank.
Major deals included JustCo taking up 70,000 sq ft of office space at Marina One and 40,000 sq ft in UIC Building, while WeWork took up 56,000 sq ft in Suntec Tower 5.
“A trend to watch is co-working centres catering long-term arrangements to an increasing group of traditional office space occupiers who are switching to this new community workstyle,” said Calvin Yeo, office advisory executive director and head at Knight Frank.
Knight Frank noted that the government’s push for fintech growth also helped drive demand in the office market.
The Monetary Authority of Singapore (MAS) unveiled a $27 million grant for a dedicated fintech hub at 80 Robinson Road within the Central Business District, which will host fintech startups.
“The potential growth of the fintech industry is expected to drive demand for office space,” added Yeo.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
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