Why Companies In Singapore Are Increasingly Choosing Coworking Spaces

It’s undeniable that co-working spaces and serviced offices are becoming an increasingly popular choice for businesses. Not only do these spaces provide a great place to work with added flexibility, but they can also have a positive impact on employees and their well-being within the workplace. In this article, we highlight 3 key reasons why businesses are increasingly choosing co-working spaces over conventional offices in Singapore.

1) Flexible terms

One of the key benefits of co-working spaces is flexibility. Companies love that flexible working spaces spare you the hassle of dealing with fixed contracts and tenures, especially in Singapore. Most of conventional offices require an office leasing of two to three years minimum with the average of at least five. This could be prohibitive for businesses that see themselves expanding at a rapid rate or have urgent needs to relocate from time to time. One of the other main attractions of co-working space, particularly for millennial entrepreneurs, is being able to avoid the office fit-out.

Building management is responsible for maintenance and cleaning of the premises. The all-inclusive nature of co-working also greatly simplifies accounting and tax preparation, as all services are consolidated into a single monthly invoice. - The Balance

2) Costs are kept down to minimum

Flexible working space also means you can reduce your costs, as you can streamline your office space by only having the number of desks you currently require. As well as this, you have the freedom to easily obtain extra desks as and when you need them. Co-working spaces offer entrepreneurs an ideal setting to work professionally in a fully equipped office without having to fret about the costs of setting up a whole office. You can operate your business stress free without the complications of computing rent and all the other administrative tasks involved, which can be a real nightmare when you’re starting a new business in Singapore. With a shared office in a co-working space and all necessary facilities and amenities ready for use, it’s really just plug and play. You won’t be caught in a frenzy when it comes to printers, fax machines, good internet connection etc. Monthly inclusive rates are fixed, meaning occupiers benefit from being able to clearly forecast their monthly expenditure and outgoings.

3) Embracing A Revolutionary, Modern Concept Of Work

Research shows that startups who work in a co-working space are Four times more likely to succeed than those who don’t. Not only that, a study from DeskMag found that those who decided to work in co-working spaces were more likely to be motivated, have higher levels of interaction, and more than half worked in supportive teams.- Foundr

If you take a look at local listings of new flexible workspaces, many of them are  designed with the latest tech, breakout out areas and open plan spaces to encourage work conduciveness and employee creativity. By working in an environment that encourages collaboration, individuals can bounce ideas around with their colleagues, increasing employee engagement and boosting creativity. A recent survey conducted by the Society for Human Resource Management (SHRM) found that 58% of human resource professionals state that flexibility is the most effective way to attract new talent.

Co-working spaces in Singapore, are most often shared by a community of freelancers, entrepreneurs, and inspirational start-up businesses. There is an added perk of being around the freshest, most innovative high-achieving young talents. If you’re looking for like-minded edge thinkers that are brilliant entrepreneurs to share a workspace with- there’s no better opportunity.

What Workthere Can Do For You

If you would like some impartial advice on your office requirements, or assistance with finding the right space for your business, don’t hesitate to get in touch with Workthere, the flexible working space experts. Workthere, being part of Savills, is perfectly placed to provide impartial advice on finding the right office space for your business.