- News
- Co-working spaces in the CBD to continue expansion in 2022: Cushman & Wakefield
Co-working spaces in the CBD to continue expansion in 2022: Cushman & Wakefield
By Paige Lim, Business Times / 23-Dec-2021
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.
More News
Shopee’s parent Sea seen consolidating Singapore footprint in one-north, Science Park
By Kalpana Rashiwala, Business Times / 23-Feb-2024
The NYSE-listed group is no longer looking for a replacement tenant for 200,000 sq ft of office space it leased in Rochester Commons
Read More
Shopee’s parent Sea seen consolidating Singapore footprint in one-north, Science Park
By Kalpana Rashiwala, Business Times / 23-Feb-2024
The NYSE-listed group is no longer looking for a replacement tenant for 200,000 sq ft of office space it leased in Rochester Commons
Read More
Jack Ma’s wife said to have bought three adjoining shophouses on Duxton Road
By Kalpana Rashiwala, Business Times / 21-Feb-2024
Zhang Ying, a Singapore citizen, paid about S$45 million to S$50 million for 70, 71 and 72 Duxton Road
Read More
Meta giving up 7 office floors totalling 115,000 sq ft at South Beach Tower
By Kalpana Rashiwala, Business Times / 08-Feb-2024
Landlord South Beach Consortium was informed in June 2023 and is in advanced negotiation with a replacement tenant for two whole floors
Read More
Strata office deals inch up 1.8% to S$1.2 billion, average price climbs 15% in 2023: Knight Frank
By Samuel Oh, Business Times / 05-Feb-2024
Knight Frank expects the strata office market to run up a total transaction value of S$1 billion in 2024
Read More