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The New Buzzword in the Post-Pandemic Era: Understanding Coworking Spaces’ Emergence, Growth and Impact

What is a coworking space?

co working space

A coworking space is ideally a concept of a membership-based workspace. This is where diverse professionals converge in a collaborative, communal and productive setting to complete work, exchange ideas or network. It is a viable alternative to conventional office spaces. It offers similar features such as a suite of office equipment and services at a more flexible fee structure. Coworking spaces also allow customisation of rental plans according to individual’s needs with the exclusion of overhead costs.

 

The emergence of coworking spaces

coworking space people collaborating

The story of coworking began in 2005, where software engineer Brad Neuberg launched the first collective workspace in San Francisco. The idea came to his mind as he wanted to strike a balance between having independence and freedom of working alone and with having the sense of togetherness working in a community. Hence, the first-ever coworking space was born out of these needs. 

Gradually, more players entered the market as people took an interest in the developing coworking trend. Coworking spaces expanded quantitatively and spatially, with rising numbers across the globe. Coworking spaces first landed in Singapore in 2011, with tech start-ups as their primary audience. Due to the attractive benefits, the sector now sees demand from multinational companies apart from small-medium enterprises. Coworking space providers have developed various strategies to differentiate themselves from their competitors, each with a unique atmosphere and amenities.

 

Surging interest for coworking spaces amidst the pandemic

surging interest graph

In 2005, there were only 3 coworking spaces in the world. According to Statista, the number grew to a stunning 19,421 in 2020 and is further expected to hit 41,975 in 2024. The COVID-19 pandemic that struck in early 2020 initially impacted the industry as work-from-home became the norm. Everyone was confined to their homes either by regulation or choice – communal areas seemed unsafe during such times of uncertainty. 

However, despite initial doubts, the coworking space industry has been surprisingly hardy and has seen remarkable recovery and growth. This is mainly accelerated by growing demand – employers are looking at reducing costs and office density, while employees are yearning for alternatives to work-from-home arrangements. According to Coworking Insights’ 2020 Future of Work Report: What the Future Holds for Coworking & Remote Work, 71.5% of workers that used coworking spaces before the pandemic will continue to return to the area once seclusion ends. While 54.9% of remote workers that had not employed coworking spaces are considering joining one to facilitate the hybrid work model. 

Microsoft 2021 Work Trend Index: The Future of Work is Hybrid states that hybrid work has become the new norm in the post-pandemic workplace due to its various benefits. Hybrid work enabled by coworking spaces enhances productivity. It also allows flexibility in work and lease arrangements. Another advantage is that it reduces psychological effects like burnout and isolation, and bolsters networking opportunities. With the easing of COVID-19 restrictions and increased rental pressure, companies have taken an interest in this hybrid model where employees report to work 2-3 days a week. This retains the benefits of remote work while mitigating its drawbacks.

 

Why choose Ucommune Singapore for your coworking space?

suntec lounge

If you are an employee looking for a change of scenery from work-from-home arrangements, or an employer looking for cost-effective office spaces, look no further! Ucommune Singapore is dedicated at offering premium workspaces at affordable prices, with solutions for every business and needs.

 

1. Wide-range of flexible solutions catered to your needs

coworking space lounge

At Ucommune Singapore, we offer a wide range of services private office rental, hotdesking plans, venue space & meeting room rental and virtual office plans. 

Suppose you would like to enjoy a dedicated, comfortable and conducive space for you and your team. In that case, you can opt for the private office rental where you can enjoy complimentary pantry access, photocopying and printing services, as well as meeting room access. You can opt for the hotdesking packages for freelancers or entrepreneurs looking at a convenient and professional setting to complete work and meet clients. These packages will allow you to access all 4 of our locations (Bugis, OUE Downtown 2, Suntec City and one-north), or just a day pass for one of the locations.

Imagine you want to host company events or enjoy a private space for discussion and brainstorming. In this case, we have meeting rooms of various sizes, all fitted with the necessary amenities for a fruitful session. Lastly, our visual office plans can solve the need for companies interested in obtaining a professional physical address and administrative services at a low cost. In addition, Ucommune coworking space possesses the charisma to channel an aura of prestige for your company.

 

2. Premium services and amenities that are pocket-friendly

people talking with coffee on hand

Ucommune Singapore’s communities are located at prime locations a stone’s throw away from bustling MRT and lifestyle hubs. Apart from the accessibility, our communities’ showcases exquisite designs and features quality amenities for your utilisation. These include high-speed internet access, complimentary beverages and snacks, conducive meeting rooms, and other office essentials. Moreover, we offer flexible lease arrangements and attractive discounts without causing an arm and a leg for your enjoyment. Your experience at Ucommune is our paramount concern, enhanced by our advanced digital innovations. We cater to optimise operational processes utilising digital methods.

 

3. Transparency and efficiency

high efficiency low cost

We strive to provide transparent and efficient services at Ucommune Singapore. Our price plans are upfront and straightforward, with no hidden costs; what you see is what you get! Our staff have been lauded for their efficiency and dedication, so you can expect an enjoyable and seamless experience.

 

Conclusion

Coworking spaces are the Next Big Thing in the post-pandemic era. If you are interested in experiencing it on your own and would like to learn more about Ucommune Singapore, click here for more information.