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