Singapore Co-Working Space Market

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Singapore Co-Working Space Market by Business Type (Conventional Co-working, Professional Co-working, and Others), by Business Model (Sub-Lease Model, Revenue Sharing Model, and Owner-Operator Model), and by End User (Independent Professionals, Startup Teams, and Small and Medium Sized Enterprises) –Opportunity Analysis and Industry Forecast, 2024–2030

Industry: ICT & Media | Publish Date: 26-Apr-2024 | No of Pages: 169 | No. of Tables: 132 | No. of Figures: 57 | Format: PDF | Report Code : N/A

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Market Definition

Singapore Co-Working Space Market size was valued at USD 88.2 million in 2023, and is predicted to reach USD 407.8 million by 2030, at a CAGR of 24.3% from 2024 to 2030. Co-working space represents a dynamic and adaptable solution to the evolving needs of businesses. These shared work environments offer flexibility in lease terms and space requirements, appealing particularly to startups and small enterprises seeking to avoid the upfront costs associated with traditional offices.

The communal atmosphere encourages networking and collaboration among professionals from diverse fields, fostering innovation and creativity. Equipped with modern amenities and strategically located, co-working spaces provide cost-effective, scalable, and accessible alternatives for companies seeking a central presence without the constraints of long-term leases. The industry has experienced significant growth as businesses recognize the benefits of this model, embracing the collaborative opportunities and resource-sharing inherent in co-working spaces.

Singapore's Economic Growth and Business-Friendly Policies Propel Coworking Space Demand

Singapore's thriving economy and favorable business policies have spurred a surge in demand for office space, particularly in the bustling Central Business District (CBD). This demand is fueled by companies across various sectors, including finance, technology, and healthcare, seeking strategic coworking locations for their operations. Despite the slight premium in traditional office rents compared to flexible offices, the coworking space market in Singapore has experienced remarkable growth. Over the past few years, Singapore's coworking space footprint has tripled, expanding from 1.2 million square feet in 2015 to 3.7 million square feet in 2022. This upward trajectory underscores the increasing popularity of coworking spaces among businesses and professionals, driven by Singapore's robust economy and conducive business environment.

 

Government Support and Coworking Space Provider Expansions Drive Market Growth

The Singaporean government's emphasis on fostering innovation and entrepreneurship further propels the demand for non-traditional workspaces like coworking offices. As Singapore endeavors to cultivate an innovative ecosystem, there is a growing preference for flexible and collaborative work environments, fueling the need for coworking spaces. Moreover, expansions by various coworking space providers significantly contribute to market growth.

For instance, The Work Project (TWP) unveiled ambitious plans in August 2023 to emerge as the largest coworking operator in Grade A commercial buildings within Singapore's CBD. By expanding its presence in prestigious buildings like Capital Tower and CapitaGreen, TWP aims to cater better to enterprise clients requiring larger office spaces. These expansions reflect the dynamic nature of Singapore's coworking space market and its alignment with the country's goals of promoting innovation and entrepreneurship.

 

The Escalating Worries Regarding Cybersecurity Impede Market Expansion

The cybersecurity threat poses a significant challenge to the widespread adoption of coworking spaces, especially for businesses responsible for managing sensitive data. These collaborative work environments, which rely on shared technological infrastructure, are vulnerable to potential security breaches that could lead to unauthorized access and data leakage. This concern is particularly pertinent for firms entrusted with safeguarding client confidentiality and proprietary information. The communal aspect of coworking spaces heightens risks related to network security, physical access, and device vulnerabilities, eliciting concerns among businesses regarding the protection of sensitive information.

The Incorporation of Augmented Reality (AR) and Virtual Reality (VR) Opens Up Prospects for The Market in the Future

The incorporation of Augmented Reality (AR) and Virtual Reality (VR) into coworking is poised to create numerous opportunities for the growth of the coworking space market. These immersive technologies are anticipated to redefine the experience of remote collaboration, enabling individuals to actively engage in virtual meetings, collaborative projects, and training sessions with an enhanced sense of physical presence. By overcoming geographical barriers and enhancing the interactive aspect of remote work, AR and VR are projected to enhance the appeal of coworking spaces equipped with these technologies.

For instance, in May 2023, Sightful, a Tel Aviv-based company, unveiled Spacetop, the world's leading Augmented Reality (AR) laptop, securing USD 61 million in funding from investors like Aleph and Corner Ventures. Spacetop seamlessly integrates reality with AR, providing an advanced personal computing experience that surpasses the constraints of traditional laptops, thus revolutionizing the landscape of coworking and remote collaboration. This integration is poised to attract a wider audience seeking innovative and technologically advanced solutions, thereby significantly contributing to the expansion and advancement of the coworking space market.

 

Competitive Landscape

The Singapore co-working space market comprises of various companies including Regus Group Companies, TechSpace Inc, Knotel Inc, SimplyWork, Talent Garden S P A, Premier Workspaces, KR Space, Convene, Servcorp Limited, WeWork Management LLC, The Office Group Ltd., Industrious LLC, Ucommune (Beijing) Venture Capital Co., Ltd., LiquidSpace Inc., Awfis Space Solutions Pvt Ltd., Impact Hub GmbH, Newmark Group, Inc., Soho China Ltd., Serendipity Labs, India Accelerator, and others.

The Singapore Co-Working Space Market Key Segments

By Business Type

  • Conventional Co-working

  • Professional Co-working

  • Others

By Business Model 

  • Sub-Lease Model

  • Revenue Sharing Model

  • Owner-Operator Model 

By End User 

  • Independent Professionals

  • Startup Teams

  • Small and Medium Sized Enterprises

REPORT SCOPE AND SEGMENTATION:

Parameters

Details

Market Size in 2023

USD 88.2 Million

Revenue Forecast in 2030

USD 407.8 Million

Growth Rate

CAGR of 24.3% from 2024 to 2030

Analysis Period

2023–2030

Base Year Considered

2023

Forecast Period

2024–2030

Market Size Estimation

Million (USD)

Growth Factors

  • Singapore's Economic Growth and Business-Friendly Policies Propel Coworking Space Demand

  • Government Support and Coworking Space Provider Expansions Drive Market Growth

Companies Profiled

20

Market Share

Available for 10 companies

Customization Scope

Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs.

KEY PLAYERS

  • Regus Group Companies

  • TechSpace Inc

  • Knotel Inc

  • SimplyWork

  • Talent Garden S P A

  • Premier Workspaces

  • KR Space

  • Convene

  • Servcorp Limited

  • WeWork Management LLC

  • The Office Group Ltd.

  • Industrious LLC

  • Ucommune (Beijing) Venture Capital Co., Ltd.

  • LiquidSpace Inc.

  • Awfis Space Solutions Pvt Ltd.

  • Impact Hub GmbH

  • Newmark Group, Inc.

  • Soho China Ltd.

  • Serendipity Labs

  • India Accelerator

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Frequently Asked Questions

The key market players operating in the Singapore co-working space market is Regus Group Companies, TechSpace Inc, Knotel Inc, SimplyWork, Talent Garden S P A, Premier Workspaces, KR Space, Convene, Servcorp Limited, WeWork Management LLC, and others.

According to the Next Move Strategy Consulting, the size of the Singapore co-working space market is estimated to be at USD 407.8 million in 2030.

The rising cybersecurity threats poses as a major challenge to the growth of the market especially business handling sensitive information and documents.

According to the Next Move Strategy Consulting, the size of the Singapore co-working space market is estimated at USD 88.2 million in 2023.

The integration of AI and VR in co-working space will create future opportunities for the market to redefine the remote collaboration experience, allowing individuals to actively engage in virtual meeting.

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