They have dominated the space for more than ten years.
Serviced office operators beat out co-working operators to account for the largest stake in Singapore's co-working market at 44% compared to the latter's 37%, according to property consultant CBRE.
Serviced office operators were the first movers and dominated the space for almost a decade although a number of other operators backed by landlords or developers are also stepping up their game. Landlords invested or owned operators account for nearly a fifth (19%) of the co-working market.
"In an effort to further strengthen their position in the segment and grow their market share, more landlords are rolling out or incorporating larger scale flexible space offerings within their own buildings. In particular, their allocations to flexible offices in newly constructed buildings stands at about 10-15%, significantly higher than the industry average that is slightly below 6%," added CBRE.
Lendlease, for instance, launched its 72,000 sqft of flexible workspace brand in Paya Lebar Quarter. Guoco Midtown is also setting aside up to 15% of its 650,000 sqft office NLA for flexible and adaptable spaces.
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