Bookmark & Share
Several co-working space operators have made their first venture into Orchard Road by taking up a combined 72,200 sq ft of space in the first half of 2018, reported Singapore Business Review.
According to data from Colliers International, the iconic shopping belt attracted four co-working space operators during the period.
For instance, fledgling player CoCRE8 occupied around 6,200 sq ft of space within International Building, while JustCo rented out about 16,000 sq ft in Macdonald House. The Great Room took up 15,000 sq ft at Ngee Ann City Tower B, while Spaces committed to lease the largest area of 35,000 sq ft at TripleOne Somerset.
“All the above deals marked each respective operator’s first foray into the Orchard Road micro-market,” noted the consultancy.
Despite these companies’ foray into Orchard Road, Colliers International revealed that the largest concentration of co-working space operators in Singapore are still found in the micro-markets of Shenton Way, Raffles Place, Tanjong Pagar and New Downtown.
“Looking ahead, we anticipate the growth rate in Orchard Road and Beach Road to be slightly higher than the rest of the central business district (CBD), as operators ramp up their presence there from a relatively lower base,” it added.
Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email romesh@propertyguru.com.sg
Related Articles:
GIC, Frasers Property and JustCo to develop co-working platform across Asia
S’pore co-working space footprint has surged in recent years