[bctt tweet=”Coworking has become the new normal in Singapore. The market there is booming with activity and by 2030 FlysPaces predicts coworking will represent 30% of all commercial real estate in the area.” username=”allwork_space”] FlySpaces also predicts the market value of coworking spaces will be worth $30 billion by 2030, up from the current $3.2 billion.
There are approximately 120 different coworking space operators in Singapore and current demand is being driven, in part, by large companies and enterprises. Increased demand for coworking spaces has led to increased competition in the market, which has led many operators to specialize in niche markets to attract and retain members. For example 80RR, which caters to the fintech industry; Spaces, which caters to those in the creative, retail, and fashion design industries; Found8, which specializes in corporate innovation; and A*StartCentral, which caters to biotech startups.
Property developers and owners are also changing the coworking landscape in Singapore as they increasingly seek to actively be a part of the industry. Some notable examples include CapitaLand and Frasers Property.