Co-working spaces in the CBD to continue expansion in 2022: Cushman & Wakefield
CO-WORKING spaces in the Central Business District (CBD) will expand substantially in 2022, with these spaces having reached 5.5 per cent of Grade A office spaces within the CBD, according to Cushman & Wakefield in a new report on Dec 23.
The completion of the asset enhancement initiative works at 21 Collyer Quay will also spur the expansion of co-working spaces in Singapore, it said.
Demand for co-working spaces has been uncertain in the last two years since the pandemic hit. Occupiers have cut back on office spaces to rationalise costs and lower office utilisation, due to the implementation of safe management measures and a rise in remote working.
Co-working operators took up only 0.2 million square feet (sq ft) of office space in 2020 and 2021 combined, as compared with 1 million sq ft in 2019 alone.
However, office demand from co-working operators is expected to see a gradual recovery amid improving market conditions and a growing demand by occupiers for "flexibility, workplace analytics, and hospitality-style services in their workspaces", according to Wong Xian Yang, Cushman & Wakefield's Head of Research, Singapore.
Currently, about 82 per cent of Singapore's co-working spaces are located within the CBD, especially within its Grade A offices, which cater to the increasing adoption of "core-and-flex" strategies and the rapid expansion of technology companies in the CBD.
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