WeWork announced it will soon open three locations in Singapore, marking its first foray into Southeast Asia.
Despite a global coworking giant entering her market, Jaelle Ang, who recently opened coworking space The Great Room in the city-state, projected confidence.
Ang, a real estate developer, has recently pivoted her work toward developing and operating luxury coworking spaces.
The Great Room, is inspired by a luxury hotel and is attracting a growing number of corporates in addition to start-ups.
“A year ago, many multinational corporations would not consider being in a coworking space, but what a difference a year makes,” Ang said. “As I see it on the ground, coworking is the fastest growing asset class and it is here to stay.”
Many companies “put a premium on the flexibility and pay-as-you-grow nature of coworking,” she explained.
In 2018, Ang said, The Great Room will be in at least six locations including Singapore, Bangkok, Jakarta and Hong Kong.
Ang attributed three growth drivers behind the coworking sector’s fast expansion: continued growth of start-up culture, a more flexible globalized workforce being fueled by technology, and the millennial generation. That cohort, Ang said, are both embracing and demanding facets of the sharing and experience economy.
The growth is likely to continue to change the landscape of office real estate and Ang predicted more building owners may seek out coworking spaces before traditional companies as their tenants.
“There will be different offerings and brands to suit the various segments in the markets,” she said. “Similarly, commercial building owners will become more educated and conscientious about which coworking brand to align their building with.”
