Spaces To Open New Locations In Singapore
Singapore – Renowned coworking space provider, Spaces, is set to open five new locations in one of the fastest growing coworking space market, Singapore. Reportedly, the company will open the latest five centers by the end of 2019. At the moment, the company has a single location in Singapore but with its expansion moves, it will now have about half a dozen of office spaces in Singapore.
Singapore is home to many coworking spaces and it is now seeing a rapid rise in these spaces from all kinds of providers because the work environment is changing massively and this is a full office boom for the Southeast Asian market.
Spaces, which is owned by Regus-parent IWG, will now be adding about 234,000 square feet of space to its portfolio (about 22,000 square meters), which is a rise from 26,000 square feet.
The first of Spaces new location, Spaces Robinson, has already been opened, which shows that more spaces will not take much time or will not have a change in plans because Spaces is committed towards opening these new coworking spaces and expanding its horizons.
The company announced the forthcoming five spaces in a new press release that was announced on June 29th, 2018. These new five spaces will add to the 163 sites of the company globally. Five of these 163 are located in ASEAN countries.
There are many evident opportunities in Singapore. With its center in 140 Robinson Road already, near McCallum Street, the company will be adding a brand new 35,000 square foot of flagship center at the famous One Raffles Place and this is slated for early next year. Moreover, there will also be a 30,000 square feet location at TripleOne Somerset, at the Clarke Quay location, and a 50,000 square feet center at Paya Lebar Quarter. The company opened its first ever site in Singapore in 2016. This was located in City Hall.
According to the cofounder of the company, Martijn Roordink, “Singapore is a global hub for all kinds of businesses and it is also one of the most happening and vibrant markets in the world”. Adding further, he said, “It is an ideal choice for Spaces as it continues to expand its networks and helps in connecting like minded individuals to share ideas and come up with new linkages”.
IWG, at the moment, is the largest service provider in the world. It acquired Spaces, a Dutch company, back in 2015. Aside from Regus and Spaces, the company also owns Open Office, Signature, Basepoint and No18. It also comes as no surprise that the company has been subject to various takeover offers in the recent months.
Tenants continue to look for flexible office spaces as rent of Grade A office space has averaged to S $9.51 per square foot (by the end of March- according to JLL). With such high costs, people prefer going for shared office space or coworking spaces as they are cheaper and a better alternative to regular spaces for their affordability and ease of use.