Bookmark & Share
Startups renting co-working spaces in Singapore enjoy substantial savings compared to those housed in traditional offices in the central business district (CBD), according to ValuePenguin.
While the price difference is small for occupying just one seat, companies can save around $2,200 and $4,700 when occupying five and 10 seats in flexible working spaces respectively.
ValuePenguin’s estimates are based on the average CBD office cost of $9.51 psf and 125 sq ft of space occupied by each employee.
For co-working space here, it used an average monthly cost of $489, with prices ranging from $220 for Carrot Patch, between $450 and $550 for WeWork premises to $750 for The Great Room.
“In addition to the cost of renting office space, businesses must consider the costs of utilities including electricity and internet, as well as the cost of other amenities that are typically included by co-working spaces,” said ValuePenguin Singapore’s senior research analyst William Hoffman.
“Co-working spaces also tend to offer shorter minimum lease durations compared to traditional office leases. This gives startups added flexibility, which is helpful for those young companies that are unsure what type of office needs they will have in a few years.”
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Related Articles:
Appetite for co-working space continues to grow
GIC, Frasers Property and JustCo to develop co-working platform across Asia
S’pore co-working space footprint has surged in recent years