Workspace solutions firm ServCorp is one of several coworking companies who are reevaluating their target audience. Traditionally, these operators aim to serve small and medium-sized firms, but inquiries from enterprise clients have been growing.
However, smaller companies are looking to downsize their office space or opt for virtual office services due to the economic impact of the pandemic.
During Singapore’s lockdown period, the company was able to keep its doors open, but saw a 5 to 10% dip in average occupancy. In more recent months, ServCorp has been rearranging its workspaces to better accommodate physical distancing needs and remote working arrangements.
While occupancy took a hit, the company said that some larger clients who required more space to accommodate splitting up teams were able to use ServCorp’s services.
“For example, we have a client, an energy company based in the CBD, who took 10 coworking solutions from us for their team of 20 in Singapore,” said Anna Chavez, ServCorp general manager for China and Southeast Asia. “This allowed them to rotate teams working from home and office on a roster basis. The roster was prepared by a ServCorp manager and the team books their desks in advance to ensure there will be no over/under usage of availability.”
Chavez added that it appears that the coworking market has already gone through the worst of the economic downturn and will remain stable despite an expected slowdown in transactions.