The Top Three Trends For Co-working In 2018
Jaelle Ang From The Great Room Looks Beyond Entrepreneurs And Millennial-run Startups
In a few short years, co-working has changed the way people think and feel about the workplace, as well as create a disruption in commercial real estate. Initially the purview of freelancers, entrepreneurs and startups, the co-working space has turned mainstream with global players vying to get into these cooperative, collaborative communities. Here’s what’s in the cards for co-working in 2018.
“Co-working is the fastest growing asset class and it is here to stay. People no longer want just a functional office space. They are looking to have high quality interactions in an upscale branded working environment with services to augment their core business growth.” — Jaelle Ang, co-founder of The Great Room.
Increased Multi-National Presence
The number of co-working spaces worldwide has more than doubled since 2014, and demand is also growing among multi-national firms. “Businesses want to be in a thriving ecosystem with powerful network effects where they can leverage other members for inspirations, projects, talent and capital,” says Jaelle Ang, co-founder of The Great Room, a hospitality-inspired co-work group.
“A year ago, many MNCs would not consider being in a co-working space, but what a difference a year makes! Co-working is the fastest growing asset class and it is here to stay. People no longer want just a functional office space.
“They are looking to have high quality interactions in an upscale branded working environment with services to augment their core business growth — whether this is a first impression with a potential client or a partner engagement event. Our members have grown powerful networks and supercharged their businesses here.”
Real Estate Disrupt
The unprecedented growth of co-working has created a disrupt in the real estate industry, transforming the way traditional commercial property is managed and marketed.
The underlying hard asset for co-working is prime commercial real estate so naturally, property owners are critical in the eco-system. The solution lies in partnerships between co-work groups and developers.
“The co-working model bridges the gap between the modern workforce and an archaic real estate model. Property owners see the value we bring to the building and the precinct by creating energy and economic activity. We are also building a track record for increasing property values,” says Ang.
Destination co-working is also on the rise, catering to the jet-set nature of work today and the need for supportive business touch-down points in major cities. The Great Room plans
to expand their network in 2018, with six new locations across Singapore, Bangkok, Jakarta and Hong Kong, providing greater connectivity and cross-border business opportunities for its members.
Keeping It Classy
Co-working companies are going the extra mile in terms of curating a unique experience for its members. The Great Room reached full capacity within four months of opening its doors in June 2016, no small feat in Singapore’s already crowded co-working scene.
What sets the space apart is the way it fuses the productivity of an office with the warmth and sophistication of a luxury hotel. “The Great Room's members are ‘grown-ups’ rather than ‘start-ups’,” reveals Ang.
The handsomely designed open space features sumptuous leather couches, private booths for quiet conversations, cosy nooks and plenty of natural light. Membership includes complimentary Monday breakfast, social networking events and a “turndown service” with hot chocolate and biscuits if you’re working late.
“We are deeply passionate about creating magical spaces that enhance high value and authentic interactions at The Great Room,” says Ang. “From the first cappuccino to the night cap and every opportunity in between to reduce friction, increase delight and value.”