The Business Times
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Supply squeeze forces co-working operators to get creative

More may look to Grade B offices, heartlands for expansion

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Wu Xinyi

Published Fri, Jul 14, 2023 · 05:00 AM
    • New co-working space The Work Boulevard has opened in UE BizHub Tower, a Grade B office where rent is lower.
    • New co-working space The Work Boulevard has opened in UE BizHub Tower, a Grade B office where rent is lower. PHOTO: THE WORK BOULEVARD

    FLEXIBILITY and cost efficiency have made co-working spaces attractive in today’s hybrid work era, but rising rents and tight office supply are becoming new hurdles for operators in Singapore.

    Availability of newly completed office space in the Central Business District (CBD), where co-working spaces are predominantly located, is limited. Only one new office development is in the pipeline to complete in the next few years. IOI Central Boulevard Towers, set to open in Q3 2023, is already in talks with prospective co-working operators.

    Meanwhile, office rents continued increasing this year, even as demand from the tech sector has cooled.

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