WeWork Opens 21 Collyer Quay Coworking Centre In Singapore

SINGAPORE – WeWork has unveiled its coworking outlet in 21 Collyer Quay, its biggest coworking centre in Australia, South Korea, and Southeast Asia, reported The Business Times on Tuesday afternoon (6 September, SGT).

The 21-level office building comes with more than 220,000 sq ft of Grade A office space. Formerly HSBC headquarters in Singapore, it represents the coworking operator’s only flagship property here and marks its 14th flex office here.

WeWork’s coworking centre in 21 Collyer Quay is intended for enterprise customers, which usually take up entire office floors.

“WeWork’s new location signals strong investor confidence in Singapore as a global business hub. In a post-pandemic world, our city centre will continue to anchor Singapore as an international business hub,” said Singapore’s Second Minister for Finance Indranee Rajah, who attended the launch of the coworking space.

Apart from the opening of 21 Collyer Quay, the coworking operator also introduced WeWork Workplace, an app that helps firms manage their coworking spaces and leased office space. With it, staff can book their desks and meeting rooms for the day, while employers can monitor usage and optimise their property needs with data insights.

At present, WeWork Workplace is available in the UK and the US, but is poised to be rolled out in Asia Pacific in Q4 2022. There’s also a lot of interest from Asia Pacific organisation in that app.

“On a weekly basis, we have enterprise organisations reaching out to us,” shared WeWork’s General Manager for Australia and Southeast Asia, Balder Tol.

Meanwhile, WeWork’s revenue increased by 30 percent year-on-year during the 2nd quarter. While its global occupancy rate stands at 72 percent, that in Singapore is higher at 87 percent, with 21 Collyer Quay on track to reach 90 percent occupancy by the end of the year, he said.

“We’ve seen very strong pre-commitment in the last few weeks, we’ve seen very strong interest from tenants to move in by Q4 and the start of next year,” Tol added.