A coworking space refers to a type of flexible workspace with an open-layout that is fully-furnished and made up of hot desks, dedicated desks, and booths - these spaces will often also have small-cut private offices that companies can grow into. As a result, there is often little difference between a coworking space and a serviced office. A coworking space will be shared with members who work for themselves, for start-ups, or for larger companies creating a more productive alternative to a coffee shop, with a collaborative community in a casual yet professional environment. Here, members rent space based on the number of desks they need on a daily or monthly basis.
For individuals, a coworking space provides a professional environment outside of your home or your local coffee shop where you can truly focus on your work and potentially meet other people to give you tips or even partner with. If you’re just starting out, a coworking space in Singapore gives your business the right image and space where you can meet and impress potential clients or investors, such as in Raffles Place, Clarke Quay, Orchard Road, River Valley, Straits View, Kallang, etc.
For start-ups and companies, a coworking space offers the perfect environment to tap into innovation. You can meet people from other companies and create cross-collaboration that can spark new ideas or even share your own services. It also offers young founders in Singapore, who would otherwise not be able to afford to rent an office space, a productive space to build their business.
Studies have also reported various benefits: a 64% increase in productivity, 68% of people report being more focused, and 90% of people report feeling more confident in their work.
Another notable benefit is cost. Since all members share the cost of the space, you will benefit from economies of scale: with a fixed monthly, all-inclusive rate you can easily budget for your business.
Coworking space memberships can be one of either hot desks, dedicated desks, or private offices. Hot desks and dedicated desks offer the possibility of daily or monthly rental, whereas private offices will be on a rolling monthly basis.
The difference between a hot desk and dedicated desk is simply that with the former you have access to any desk on a first come first serve basis, whereas with the latter you are guaranteed the same desk every time you come into the coworking space. Due to this, a dedicated desk will have a slightly more expensive rental fee than a hot desk.
Nevertheless, either of the three options offer flexible lease terms, allowing you to add or remove seats to match the ebb and flow of your business.
FlySpaces is the largest online marketplace for flexible workspaces in Southeast Asia. We are partnered with over 1000 spaces in Singapore alone, we aim to be your long-term business partner, with the widest range of coworking space options across Singapore to match your business needs. If you’re looking for even more workplace flexibility, we offer FlySpaces Passport as an all-access pass to the top coworking spaces in Singapore.
Integrating technology, expertise, and full-support throughout your office search, our local Space Experts will be working for you to ensure you find that perfect coworking space.
If you’re ready to find your new office or have a couple more questions, get in touch with us and our Space Experts will gladly help you out.