In Southeast Asia, it is without a doubt that Singapore is the leading business capital of the region. Major corporations such as Microsoft, Facebook, and Google all have regional headquarters here. The success behind thriving business centers in Singapore stems from the modernized infrastructure, business-friendly initiatives and legislation from the government, attractive tax laws that benefit entrepreneurs, and of course, the quality of skilled intellectuals that you meet every day. All these factors help contribute to a perfect ecosystem for businesses to grow and for new businesses to sprout into bigger ones.
The growth of co-working spaces in Singapore
In recent years, the newer and fresher trend of flexible working spaces has established a footprint within the rental market. A report from Knight Frank Singapore suggests that co-working spaces are attracting multi-national companies that are seeking a trendy and flexible working environment. This has led to an explosion in demand of co-working spaces in Asia and has no end in sight. In Singapore alone, the co-working space footprint has tripled since 2015. By 2018, co-working spaces made up over 27% of total office leasing demand with over 80% of them located in the CBD. In Asia, this upcoming trend is expected to continue growing by at least 10-15% annually.
The benefits of co-working spaces
1. Reduce office rent & leasing commitment
Economically speaking, renting co-working spaces as an office can save companies around 25% when compared to regular leased properties and startups can save up to S$4000 in a central business district. Memberships at co-working spaces are typically flexible. They don’t require a year-long commitment like regular leases, but rather offer daily and monthly payment options. Apart from cost reduction and adaptable commitment, flexible workspaces allow your mind and body to break free from invisible chains and cubicles that conventional offices provide. Nonetheless, it is crucial for these spaces to provide necessary business infrastructures and communicative technologies that are essential for conducting businesses.
A shared space equals shared costs
2. Great community atmosphere
The main concept of co-working spaces is to provide freedom to work independently within a community-based structure and to promote cooperation instead of competition. Hospitality design is the key in making a particular space stand out, and many co-working spaces aim to recreate a balanced atmosphere by blurring the lines between an office, university campus, and your work desk at home. While working at your own pace, these spaces often present a cozy atmosphere that is conducive for interaction, socializing, and exchanging ideas for like-minded individuals.
“You can’t buy a community, you have to build it”
Liz Elam, executive producer of GCUC
3. Networking/Business development opportunities
While it is the surrounding environment that encourages engagement amongst one another, it is the people in the shared space that makes your productive side tick. Being around people who are innovative will often lead to inspiration and the opportunity to learn new things. Finding a co-working space that aligns with your business can lead you to meet people who have similar interests. This creates a chance to pave pathways for networking opportunities, business development, and meaningful partnerships. With the right blend of business infrastructures, human capital, and atmosphere, it makes co-working spaces irresistible.
“Your network is your net worth”
In the constant strive to create a more seamless customer experience in co-working spaces, new and innovative ways to pay is a must. Automatic membership fee collection, less waiting time and easier ways to make payments are the needs of today's customers. Cash and cheques are from the past. Adopting an integrated payment solution for member portals has shown to both reduce the workload for operation teams and improve customer satisfaction.
Let our team help you streamline your membership checkout experience with our payment solutions.