LOWER RENTS and a full range of facilities catering to the needs of a modern business operation are keys to the success of a co-working space, according to the experts on commercial properties.
JustCo's co-working centre in Singapore's Marina Square offers entrepreneurs, startups, and small and medium enterprises (SME) three rental packages:Just Desk at S$98 (Bt2,384) monthly, Just Desk Unlimited at $398 monthy an Just Desk Dedicated at $750 a month - all include flexible access to desk in a communal work space and benefits of shared facilities.
For those in need of privacy, there is Just Studio/dedicted unlimited, starting at S$800 (approx Bt19,400) monthly, said JustGroup Holdings Pte Ltd’s chief executive officer Kong Wan Sing.
A member can choose to renew the contract on a monthly basic, he added.
In the location of Marina Square, the average rent for a serviced office is $750 per 1,000 square feet (92.90 square metres) with the minimum length of a contract being one year.
At JustCo's premises in AIA Tower Sathorn, the rental fee of Just Desk is set at Bt990 a month; Bt3,900 monthly for unlimited access to desk-space, Bt6,900/month for unlimited access to a personal reserved workspace and desk, and Bt7,500 monthly for an exclusive studio.
For comparison, the average rent of a serviced office in the same property would cost Bt950 per square metre, subject to a yearly contract.
The popularity of a co-working space can be attributed to the difference in rental costs as well as its environment, infrastructure and design, said Suphin Mechuchep, managing director of property consultant JLL Thailand.
To stay competitive, owners of office buildings need to consider adding a shared working space in their properties for individual users, she said.
For retail complexes, a co-working space could boost traffic to the venues amid the challenge of e-commerce.
Suphin said the mix of users have now widened to employees of large corporations wanting their staffs to learn and share ideas in a broader community.
“A co-working space should be easy to access, comes with a good infrastructure, an appealing design and provides both public and private areas,” he said.