WeWork Prepares To Open Its Biggest Coworking Space In Singapore
SINGAPORE – WeWork is preparing to open its largest coworking centre here at 21 Collyer Quay, a 21-storey office building in Singapore’s central business district (CBD) measuring 220,000 sq ft, reported The Edge on Friday morning (3 June, SGT).
Notably, the coworking space operator became the major tenant at the commercial property, formerly known as the HSBC building, after HSBC relocated its Singapore headquarters to Marina Bay Financial Centre Tower 2.
The new outlet will open in 3 stages starting next month. “This is absolutely our flagship location in the Pacific. It is quite unique, where we have a space spanning 21 floors that allows us to genuinely control the experience from the moment someone walks into the door until the end of their day,” said Balder Tol, WeWork’s General Manager for Australia and Southeast Asia during a press conference on 18 May.
The opening of WeWork’s 21 Collyer Quay branch comes as more workers in Singapore return to the office amidst further relaxation of COVID-related restrictions. In fact, the coworking space operator recorded an 18-percentage-point year-on-year gain in its occupancy in Q1 2022 for its outlets here, while its desk sales surged by 60 percent over the same period.
The take-up of WeWork’s local premises is being increasingly propelled by enterprises, which it defines as companies with over 500 staff. As of 31 March 2022, 60 percent of the coworking space operator’s Singapore members are made up of enterprises, exceeding its 46 percent global average for such clients.
According to Tol, one of the top selling points of its coworking spaces is its ability to provide uniformity in terms of design and services across its various outlets. “A lot of our enterprise members tell us that they take satisfaction in the consistency of the experience for their employees.”
Another one is agility: compared to traditional office leasing and build-out processes which could take up to two years, Tol disclosed that most of WeWork’s member organisations are able to move in within just eight weeks.
In response to higher demand from enterprises, over 80 percent of its 21 Collyer Quay branch comes with office space catering to a single tenancy per floor. “21 Collyer Quay is really designed to double-down on the enterprise demand that we’re seeing at the moment,” Tol noted.
To date, he revealed that a third of the space that will open in July has been committed, with demand coming from a range of sectors, including financial services, insurance, and tech. Among the confirmed tenants is risk management firm Willis Towers Watson, which has agreed to occupy a floor at 21 Collyer Quay.