Miami’s office market continues to be dependent on coworking firms to fill their spaces, but some landlords are concerned that their absorption rate is becoming too much.
The Great Room provide premium service for a premium price
Singapore-based coworking space The Great Room is unlike any office in the area, with marble flooring and a stocked fridge with coconut water. This coworking space isn’t for your average, struggling startup; it is made for established professionals starting their own business.
The company’s newest space will take up 15,000 square feet later this year in partnership with Raffles Hotel after a big refurbishment.
CEO Jaelle Ang said that the luxurious space will have a price tag that matches, but clients will be “happy to pay extra for a premium working environment.”
So far, The Great Room is attracting clients such as HSBC, who took up 70 seats at the office company’s One Taikoo Place location in Hong Kong.
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According to Colliers International, Singapore’s overall flexible workspace stock has tripled since 2015 and coworking operators were within the top five occupiers of premium office spaces.
The Great Room itself is smaller than other serviced office providers in the area, especially compared to major brands such as Regus and WeWork.
In 2017, CapitaLand’s venture capital arm C31 Ventures led a $5.5 million Series A funding round for The Great Room, and now the company is preparing for a Series B round of funding.
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