,Singapore

Chart of the Day: Startups embracing co-working spaces could save as much as $4,000

An average hot desk costs $489 monthly.

This chart from ValueChampion shows that cash-short startups could save a significant amount of money if they turn to flexible working arrangements like co-working spaces which rent for an average of $489 monthly than operate in conventional office spaces in CBDs. In fact, offices with ten seats post a glaring price difference as co-working spaces go for an average $7,145 whilst a CBD office is expected to cost $11,888.

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

With office prices climbing 1.3% in Q1 as the property market kicks into high gear, businesses might want to consider flexible working packages as they usually come with utilities like electricity and high-speed internet as well as various networking opportunities from its diverse cast of members.  

"Coworking spaces also tend to offer shorter minimum lease durations compared to traditional office leases," said William Hoffman, senior research analyst at ValuePenguin Singapore. "This gives startups added flexibility, which is helpful for those young companies that are unsure what type of office needs they will have in a few years." 

Singapore's flexible workspace market grew 17% to 228 centres offering co-working, flexible and hybrid office spaces, according to The Instant Group, with over 90% of flexible workspace hubs located in Central. 

However, local desk rates are still significantly lower than other key cities like Shanghai, Hong Kong, and New York.

Join Singapore Business Review community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Venture, Genting Singapore and Keppel Corporation showed the most growth.
Meanwhile, a record 583 non-landed homes sold for more than $2m each in the first nine months of the year.
The merger will create a flagship pan-Asia logistics and high-tech S-REIT.
It is followed closely by the identification app SingPass.
The index tracks REITs in the APAC region with higher dividend yields and positive environmental attributes.
Both companies will create training programs to support digital entrepreneurship and digital upskilling for Grab partners.
The deal is focused on M1’s network assets. 
This is a part of the Lion City's bid to become a global maritime knowledge and innovation hub.
Risks, however, are present with the financial troubles faced by the real estate sector in China. 
This comes as more Singaporeans turn to gaming in the midst of the pandemic. 
Retail sector has experienced the “most disruptions” with the changing restrictions.
The company was commended for being a global and regional sector leader in five categories.
The CEO designate said he aims to drive development in the company’s business units.   Gary Ho,  who played an instrumental role in the Initial Public Offering (IPO) of Nanofilm Technologies International Limited, has been appointed Chief Executive Officer of the company.
Analysts said strong leasing activity in Q3 played a factor.
Islandwide prime retail rents saw a dip by 0.6% q-o-q.