SGX newcomer JustCo courts corporates as flex office enterprise share tops 53%

CBD rents push large firms toward flex space as JustCo targets 100 centres by 2029.

Singapore's flexible workspace market is increasingly being driven by large companies rather than startups, with corporations now accounting for more than half of JustCo Holdings Ltd.'s workstation occupancy.

“Large corporates now account for the majority of demand in premium centres, including ours, and that structural shift is what makes the outlook durable,” JustCo Executive Chairman and CEO Kong Wan Sing told Singapore Business Review.

JustCo, which operates 54 centres across 12 Asia Pacific cities, said large companies account for more than 53% of workstation occupancy across its network.

The company listed on the Singapore Exchange Mainboard in May, raising about $100m to fund expansion after returning to profitability in fiscal year 2025.

Kong said JustCo aims to grow from 54 centres in 12 cities to more than 100 centres across 20 cities by 2029, with Singapore remaining a key market despite rising office costs.

He said each centre typically covers operating costs within five months and recovers its investment in 16 to 24 months.

“The central challenge is delivering quality at scale in a high-cost environment,” Kong said in an emailed reply to questions. “Singapore Grade A office rents are competitive, and fitting out a premium workspace in a prime building requires significant capital and operational discipline.”

Singapore's central business district Grade A office market entered its sixth straight year of rent growth in the second quarter, with gross effective rents rising 1.1% from the previous quarter, Jones Lang LaSalle, Inc. reported in June.

Despite higher costs, JustCo maintained 84% occupancy across its network in fiscal year 2025. More than half of its members have stayed with the company for more than three years, whilst renewal rates improved to 72% from 68.2% a year earlier.

Kong said customers increasingly value workplace experience as much as office space, prompting the company to invest in design, technology, and community services.

JustCo opened The Collective, its luxury brand, at Labrador Tower in January and plans to launch The Boring Office at The Octagon in October.