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Hello reader,
Have you ever worked out of a co-working space? In my (almost) five years with Tech in Asia, we’ve had offices in two co-working spaces – JustCo and The Great Room. It was pretty convenient as we didn’t have to worry about cleaning and maintenance, and both were in central locations with lots of food options nearby.
Still, for all the perks that co-working spaces have to offer, they’re in a bit of a tight spot right now, especially in Singapore. Only 45,000 square feet of space was taken up by the country’s flexible space operators this year, much smaller than the 700,000 square feet taken up in 2019.
Things seem to be slowing down for the sector, but it’s not all doom and gloom, as we’ll learn in today’s premium story.
Today we look at:
- The state of co-working spaces in Singapore
- A startup helping Gen Zs work more productively
- Other newsy highlights such as Amazon India’s new investment plans and the final approval of the UAE’s first regulated stablecoin
Premium summary
Not quite a return to office
Image credit: Timmy Loen
Co-working spaces in Singapore have experienced a decline in take-up rates in 2024, hitting a five-year low. What does this mean for the industry?
- Bye bye bye: The year marked notable closures across Singapore’s co-working space sector, with operators such as Distrii, WeWork, and JustCo giving up locations and not intending to renew expiring leases.
- Tread with caution: The pace of co-working expansion in the country has slowed significantly post-pandemic due to the heightened interest-rate environment and soaring rental costs. Plus, as VC funding skews toward AI-related businesses, co-working operators are finding it harder to raise capital.
- Working with landlords: A new opportunity has emerged for co-working operators: forming partnerships with landlords. This involves the integration of co-working spaces within larger office buildings, which lets both the operator and landlord offer complementary services to tenants.
Read more: Singapore’s soaring rents reshape co-working dynamics
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