When you search for co-working spaces in Singapore, you will come across quite a few of them. In a relatively short time, the popularity of co-working spaces has increased in Singapore significantly.
Have you ever wondered why?
Today, we will share with you a few reasons as to why co-working spaces in Singapore are flourishing.
1. Affordable rent
Singapore has a pretty limited area. That is why the city’s growing vertically. Skyscrapers and high-rises often have a high real estate cost associated with them.
When the realistic cost is on the higher side, the rent associated with those properties will also be on the higher side.
On the other hand, co-working spaces divide the same area among different occupants. That is why; the rent is affordable when compared to your own office setup. It is one of the main reasons why co-working spaces have become so famous.
2. Excellent flexibility
Singapore is also home to the Asia-Pacific headquarters of many companies. When you’re dealing with global companies, an opportunity might crop up in some other continent or some other country. In that case, if you’re renting a traditional office, you will have to give a termination notice or otherwise the amount will be deducted from your deposit.
In many cases, giving the notice is not an option because you need to relocate quickly.
Co-working spaces provide you with such opportunities to relocate quickly.
The excellent flexibility of co-working spaces is the reason why they have become so famous in Singapore.
3. Round the clock working hours
Citizens of Singapore often work long hours. They work beyond the normal working hours as well.
Co-working spaces provide them the opportunity to work round the clock. Most co-working spaces are available 24/7.
The round-the-clock availability of the premises, infrastructure ensures that they are perfect for the citizens of Singapore.
The round-the-clock working hours are suitable for individuals who are working with their colleagues in different time zones.
All these reasons have certainly fueled the popularity of co-working spaces in Singapore.
4. Low deposits
The rent of co-working spaces is on the lower side. It means that the deposit which you will have to pay will also be on the lower side. Deposit can take up a large chunk of your money.
The fact that the deposits of co-working spaces are negligible as compared to traditional office setups has also made them quite popular.
If you’re a business owner, you can use this deposit to grow your company rather than block it in the form of a deposit.
Most co-working spaces are also quite flexible when you want to take up additional office space as well. In most cases, you might not have to pay a hefty deposit for the same as well.
The fact that you will not have to block your capital makes co-working space quite popular in Singapore.
As you can see, the reasons why co-working spaces are flourishing in Singapore is not a single one. There are many benefits which co-working spaces provide in a country like Singapore. These benefits have fuelled the demand for such premises. Consequently, these days there are numerous co-working spaces available in Singapore rather than just one or two.