“DIDN’T ADD UP”?
When 42-year-old Joscelin Kwek started a Marketing and advertising company during the crisis, the goal was to try and minimize business leasing fees while having a space that could hold what were, at the time, ever-changing work arrangements.
Finally, WeWork’s occupied seats figured in. But as the length of Ms Kwek’s group grew, using a co-working room became less cost-effective and it” really didn’t add up” to preserve buying more chairs, she said.
She made the decision to purchase an office space that she now shares with two other businesses soon in 2023. It has saved her up to S$ 5, 000 ( US$ 3, 717 ) a month.  ,
According to Ms. Kwek, having a dedicated business space has created a sense of belonging and committing to it also meant committing to growing the business, which has assured her people.
Lee Sze Teck, the senior director of Huttons Singapore, said that if a business grows, it may need its own business area and target for branding purposes as well.
But the emergence of artificial intelligence, flexible work arrangements and cost-cutting measures are all factors affecting demand for office space, he noted.  ,
The demand for office space is growing at a slower rate, and some companies are reducing their need for co-working space, he added, “even with more employees returning to work.”  ,
Despite some negative trends, demand for office space is still projected to be higher moving forward, and demand for co-working spaces may increase in tandem, according to Mr. Lee, even though he suggested that consolidation may occur as operators look for ways to increase operational efficiency and profitability.
The traditional office market isn’t expanding, according to Mr. Piers Mallitte, who oversees Savills ‘ rental division of the company that manages the Workthere office space.
Yet with a co-working operator there are also plus points such as shared costs, he added, describing Singapore’s co-working market as , “positively mature” and still growing.
For Ms Priscilla Cheong, the founder of a social media agency, the freebies that come with her JustCo membership- coffee, water, snacks- amount to it being” cheaper than going to Starbucks” to work.
Other benefits have made it worthwhile, such as having multiple locations to choose from and the ability to compete for power plugs and seats.
She signed up for the co-working space after initially experiencing a lack of productivity at home. However, it can be difficult to resist the comfort and convenience of letting her trade outside of her home.  ,
” For months where I don’t really go as often, I feel like I just wasted my money”, said Ms Cheong, who’s on a six-month plan.  ,” I haven’t decided yet, I might cancel it”.