Companies are rushing to have them operational by 2018.
Co-working spaces and serviced offices are growing in market share as they continue to expand and invest in properties in Singapore according to Collier's Quarterly.
Frasers Tower, which will be completed in 2018, found its first tenant-serviced office The Executive Centre for 20,000 sqft(1,860 sq m).
Distrii, an operator of co-working spaces in China, will lease more than 60,000 sq ft (5,757 sq m) of space at CDL-owned Republic Plaza Tower 1 in Singapore's prime Raffles Place. Expected to be one of the largest co-working spaces in Singapore, it will integrate food and beverage, entertainment, recreational and office facilities. It is expected to open in the first half of 2018 after the space is vacated.
Other operators are also growing. The Working Capitol Group has leased 11 floors in 140 Robinson Road (Crown @ Robinson) amounting to 55,000 sq ft (5,110 sq m), and JustCo has leased 40,000 sq ft (3,715 sq m) over two floors in UIC Building as well as 34,000 sq ft(3, 160 sq m) in Marina One.
“The demand from these operators continues with many regional and global operators eyeing Singapore's embracing environment for this occupier sector. Sustainability, evolution and saturation point of this niche will be carefully watched” Colliers reports.
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