Co-working and co-living: still making sense?
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Sharanya Pillai
REMEMBER when Adam Neumann tried to “elevate the world’s consciousness” by building a “physical social network” of shared office spaces (WeWork), apartments (WeLive) and even a school (WeGrow)? Real memorable. Neumann’s vision has since imploded spectacularly and become a story for the history books.
But that didn’t spell the death of the co-working and co-living industries. Both are still very much alive, especially in Singapore. That said, business isn’t all hunky-dory in an age of rising interest rates and tight venture money. This past week, Garage’s Wu Xinyi (who just completed her internship) looked into how co-working and co-living operators in Singapore are keeping up with challenges.
On the co-working front, companies are facing a supply squeeze as newly completed office space in the Central Business District is limited. Meanwhile, office rents have continued rising this year, even as demand from the tech sector has cooled. As a result, the growth of the industry has been subdued.
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