Chart of the Day: Co-working space doubled to 1.4 million sqft in 2018

It could exceed 2 million sqft by 2019.

This chart from CBRE Research shows that Singapore’s co-working market doubled to around 1.4 million sqft in 2018 from just about 700,000 sqft in 2017.

“Ever since the concept of co-working took root about five years back, operators have had some time experimenting and fine-tuning their products,” CBRE noted. “Armed with this experience and riding on the startup boom, they are currently expanding furiously in terms of both speed and size.”

Also read: Check out the largest co-working spaces in Singapore

The research firm noted that average sizes of co-working facilities have also expanded from just about 5,000-10,000 sqft in 2013 to about 60,000 sqft similar to those occupied by WeWork, JustCo, and Distrii. Meanwhile, Campfire is set to launch an 85,000 sqft co-working space at Cecil Street.

Also read: Singapore's co-working boom has no end in sight

For 2019, CBRE Research thinks that the co-working market could exceed 2 million sqft.