Now that the coworking fad has become a permanent staple in Singapore, those with ingenuity and drive can achieve starting a business because office space is no longer a problem for cash-strapped startups looking for affordable, quality office space. For SMEs, the spaces provide businesses with all of the functions of your standard office. Even corporations are beginning to take an interest in this craze that is redefining what it means to work and network.
However, coworking in Singapore encompasses so much more than finding a workspace. In fact, professionals join coworking communities as opposed to just renting space. Because of the types of social interactions professionals engage in, the coworking space takes on a few different functions, in addition to being space to work. In a place where so many spaces have cropped up in response to demand, professionals are faced with choosing the best fit among many good places, as all coworking spaces are not equal.
Let’s take a closer look at what you can expect from coworking in Singapore.
Government Incentives
Singapore’s economy is as competitive as some of the more prominent powerhouses in the world. One of the central reasons this is so is due to the government’s policy and funding support industry. Much of this is apparent in the city-state’s smart technologies and infrastructure that provide Singaporean businessmen and women with grants for business, reliable transit, utilities, and technologies.
As a coworking professional, you benefit from having access to well-constructed roads, making it easy for you to navigate the landscape. Those wishing to avoid driving all together can rely on a transit system that is comparable to other leading economies. Furthermore, your business will thrive in an environment where the public can easily access your location. Finally, government initiatives have made it possible for startups and businesses to get grant funding for their private businesses, which is an alternative to other funding sources.
Residential Living
Another thing those living and working in Singapore want to keep in mind is that, like commercial real estate, residential rentals in the area, especially moving into the business district, are extremely high. However, professionals coworking in the area have a few options to explore. For those working on a shoestring budget, dorm-style housing and co-living are some of the more affordable options.
Dorm-style housing is simply a residence shared by multiple individuals who share common areas (bathroom, kitchen, and lounge). However, co-living is similar, but it is a take-off of the coworking concept where the whole idea of collaboration and networking in a non-business atmosphere fosters relationships. Both of these residential styles are popular among young Singapore professionals who are unable to afford pricey rentals closer to work.
Coworking Evolution
Coworking has taken the coworking platform and changed it to cater to specific industries. Whereas in the past the coworking platform focused on providing space to professional industries, today’s coworking spaces in Singapore might include spaces that are geared toward the startup or are focused on technology industries. A few outfits have opened up in response to parents needing day-care for their children.
For the most part, businesses looking for a coworking fit out have a range of options to choose from in Singapore. However, when looking for a space, remember that community is at the core of coworking, and spaces that provide that sense of community will provide your business with the resources and activities needed to network. Ultimately, these resources and activities will create the foundation for raising your business profile in the community.
Navigating Coworking Singapore
Singapore promises industry great things in the next couple of years. As a part of this growth, your business can take advantage of the many opportunities that are sure to come on the scene. Moreover, the coworking space can be a tool in helping you make the right connections to Singapore’s larger business community.
