Co-working is becoming the norm in Singapore. According to FlysPaces this market is booming, and by 2030 it’ll account for about 30% of commercial real estate in Singapore. By that time, the value of this market is estimated to be worth $ 30 billion, from the current $3.2 billion.

Co-working space in Singapore has doubled from 700,000 sq. ft. in 2017 to about 1.4 million sq. ft. in 2018. The trend will continue as more and more businesses get a better understanding of the benefits of co-working.

The co-working market in Asia is growing at a faster pace compared to the US and Europe. It’s the main driver for the office rental market in the country. Let’s examine the main benefits of co-working, and you should consider this option for your business.

Availability of facilities

Most co-working spaces in Singapore feature essential facilities including conference rooms, printing and scanning facilities, sufficient parking, high-speed internet, private chair desk& storage space, free tea, coffee and kitchen facilities like a microwave and fridge.

When working in a co-working facility, you do not have to worry about managing these facilities. The availability of these facilities enables you to concentrate on your core business and increase your productivity.

Professional Networking

Since you’re sharing office space with different professional, you have a chance to benefit from their services. These individuals have varying skill sets that can that you can utilize to bring your business to the next level.

Co-sharing office space also offers you an opportunity to establish new professional contacts and grow your career network. Besides you can invite colleagues or professionals providing services you need to share the office space. This allows you to have access to a much complete range of services, thus improving service to your customers.

Cost-effective

One of the main benefits of co-working is saving costs. If you decide to rent private office space, you’ll increase your startup costs such as purchasing appliances, furniture, or extra lease service charge, etc. Additionally, finding an ideal office can be a time-consuming exercise.

On average, co-working’s cost per square foot surpasses that of renting conventional office space. When you look closely at these numbers, you’ll realize you can make huge savings even for large organizations.

Typically, the commercial lease duration is between three to five years. On the contrary, most membership co-working agreements range from one month to a year. This is helpful to companies that may have trouble estimating how much space they need in the coming months or years. In this regard, you’ll only occupy as much space as you need at any given time.

Besides, co-working space is extremely cost-effective since you don’t have to worry about extra charges associated with renting a private office. This will help to save money that you can use to grow your business.

Centralized systems in co-working such as reception, kitchen, Wi-Fi, printers significantly help to reduce costs. Since these facilities are already available in a co-working setup, you don’t have to worry about incurring extra expenses. In this case, you’ll also hire fewer employees since some services are catered for the management.

Comfort & Efficiency

Most co-working spaces are usually accessible 24/7. This provides you with more control over your working hours. For example, when you have tasks with tight deadlines, you can work even at night to complete your project in time.

Working from home presents a set of challenges, including distractions. This can limit your productivity. It’s tough to give your best when you’re close to your bed, pets, children, TV or your spouse. Co-working is the best way to overcome these distractions and increase your efficiency.

Most co-joint offices are located in high-end, peaceful and secure environments. This helps you focus on your main task and be more productive. In such an environment, you’re free from stressors that may affect your job.

Conclusion

Co-sharing office space is changing how businesses operate globally. It’s an excellent option for startups, freelancers and companies that want to establish their presence in various locations.

Many businesses globally are shifting to co-working to save money and enjoy other benefits associated with this form of office rental service. Don’t be left behind; move with the trend.

Are you in search of the best coworking space in Singapore, Justco Global is one of the best service providers. They offer competitive rates and all facilities you want to scale your business. Visit their website for more details.