Coworking Spaces Could Help Startups Save $4000

Coworking Spaces Could Help Startups Save $4000

SINGAPORE – If you are not aware of the emerging coworking space culture, note that coworking spaces are extremely helpful and can help startups save up to $4000. This is a big amount and something smaller companies can save by minimizing their overall expenses, something they can achieve with the help of coworking spaces.

If we were to reveal the details of the cost to startups of setting up offices, a desk alone can cost the company a lot of money. The desk fee is a minimal fee that they have to pay, considering the exorbitant fee that they have to pay otherwise, for space, for the electricity, for the internetother things.

According to a chart revealed by ValuePenguin, startups that are short on cash could save a huge amount of their money if they switched to flexible working spaces such as co-working spaces. Nowadays, a hot coworking space desk costs companies $489. This $489 per month is the prime fees that people have to pay when they choose coworking spaces. The reality is that when offices have about 10 seats worth of posts, the prices may go as high as $7,145 and this price may increase up to $11,888.

These prices are striking as it is. They are high and they are quite unaffordable for companies that are struggling to raise capital or have short funds on their hands.

Office space rental has risen by 1.3% in the first quarter and property market prices have kicked into a high gear. Businesses, therefore, want to think of a flexible working package as they come with a number of utilities such as electricity and high-speed Internet. The same spaces also come with networking opportunities, which helps people from different walks of life to connect with one another. When they pool in their expertise and they discuss something together and work from the same place, it is definitely going to help in sharing expertise and knowledge, which is another benefit of coworking spaces.

According to ValuePenguin’s senior research analyst, “Coworking spaces are able to offer flexible and shorter minimum lease durations as compared to the orthodox office leases. This enables the startups to experience greater flexibility, which will help young companies to make sure and be certain about the kind of office they even want in the long run”.

Singapore has had a massive increase in its coworking space culture. The market grew by 17% this year, as Singapore had 228 centers that offered these spaces. Currently, in Singapore, there are flexible, hybrid and other spaces and 90% of the flexible office space hubs are located right in the Central.

It is also true that the desk prices have increased in some parts of the world but Singapore still has comparatively lower costs comparing to Hong Kong and Shanghai, as far as these desks are concerned.

The coworking space culture has shown incredible growth over the years especially in countries such as Singapore and there is no reason to think that this growth will be hindered in the years to come.

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