Is Coworking Worth it in Singapore?

Since the dawn of the pandemic, workplace dynamics have changed and while many Singaporean businesses have returned to the office, some are adopting hybrid workplace arrangements.

With employees only coming into the office three to four times per week, organisations are rethinking their workplace strategy and reducing overhead costs by resorting to coworking spaces. However, many businesses raise the question, is coworking worth it?

What is coworking?

Coworking is a type of work arrangement where businesses share office space and resources. It is an alternative to traditional office leasing arrangements and allows businesses to reduce their overhead costs. Coworking has become a global trend and is continuously changing to keep up with the ever evolving workforce.

Benefits of Coworking

Coworking spaces in Singapore are become increasingly popular as they offer a flexible and cost-effective way for businesses to secure workspace. Here are some of the benefits of coworking:

Networking opportunities

Coworking spaces provide an opportunity for businesses to network with other businesses in the same space. This can lead to new business opportunities, as well as the sharing of knowledge and resources. Additionally, coworking spaces often host events that can be attended by members, providing a chance to learn from industry experts.

Flexibility

Coworking spaces offer businesses flexibility in terms of the length of time they can lease the space for. This is beneficial for businesses that are growing quickly and need the flexibility to expand or contract their office space. Additionally, coworking spaces often have flexible working hours, which can be advantageous for businesses with employees who work odd hours.

Cost-effective

Coworking spaces can also be more cost-effective than traditional office space, as they often include the costs of utilities and other shared resources in the monthly fee. This can help businesses to save money, particularly small businesses that might not have the budget for a traditional office space.

A variety of amenities

Coworking spaces typically offer a variety of amenities that can be beneficial for businesses, such as meeting rooms, event spaces, and breakout areas. These amenities can help businesses to save money on the costs of renting external space for meetings or events. Additionally, the amenities offered by coworking spaces can help businesses to create a more enjoyable and productive work environment for their employees.

Other amenities which can accelerate a businesses life-cycle whilst being cost-effective are a dedicated receptionist, a virtual address, in-house I.T. support and secretarial assistance.

Considerations When Implementing Coworking

There are a few key considerations for businesses in Singapore when implementing coworking into their workplace strategy.

Location

When choosing a coworking space, it is important to consider the location. The space should be easily accessible for employees, and should be located in an area that is safe and convenient. Additionally, the location should be suited to the type of business. For example, if the business is in a finance industry, it may be beneficial to choose a coworking space that is located near the financial district.

Addresses such as Marina Bay Financial Centre, CapitaGreen, The Metropolis Tower and Suntec Tower are all renown locations which are certain to provide credibility.

Although it’s a shared space, your coworking location should still be a workspace which represents professionalism, and creates an environment which fosters productivity. Coworking locations which are in business districts also provide an impression of credibility and success, which is a great method to kickstart your business as an entrepreneur.

Contract terms

When signing the contract for a coworking space, it is important to read the terms and conditions carefully. The contract should be clear about the length of time the space can be leased for, as well as any restrictions on use. Additionally, businesses should check to see if there are any hidden costs that may be incurred.

Service quality

The quality of service offered by the coworking space should be considered. The space should be well-maintained and clean, and the staff should be professional and helpful. Additionally, the coworking space should offer a variety of amenities that can be beneficial for businesses.

Coworking can be beneficial for businesses in many ways. It can provide the opportunity to network with other businesses, the flexibility to expand or contract office space, and the cost-effectiveness of shared resources. For businesses in Singapore, there are a few key considerations when implementing coworking into their workplace strategy. These include location, contract terms and service quality. By taking the time to consider these factors, businesses can be sure to find a space that is well-suited to their needs.