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Serviced office operators now have 44 percent of the co-working market share.
Serviced office operators account for the biggest stake in Singapore’s co-working market at 44 percent, beating out co-working operators with their 37 percent share, reported Singapore Business Review, citing CBRE.
Being the first movers, serviced office operators dominated the market for almost 10 years, although several operators backed by developers or landlords are now stepping up their game.
Landlords owned or invested operators account for 19 percent of the co-working market.
“In an effort to further strengthen their position in the segment and grow their market share, more landlords are rolling out or incorporating larger scale flexible space offerings within their own buildings,” said CBRE.
“In particular, their allocations to flexible offices in newly constructed buildings stands at about 10-15 percent, significantly higher than the industry average that is slightly below six percent.”
Lendlease, for example, launched a 72,000 sq ft flexible workspace brand within the Paya Lebar Quarter, while Guoco Midtown set aside around 15 percent of its 650,000 sq ft office NLA for adaptable and flexible spaces.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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