‍

The political elections held in Singapore two weeks ago, will help shape our economic infrastructure for the next 5 years. New ideas and policies are brewing, and massive shifts are on the horizon, making change the only constant in the face of this unprecedented pandemic.

To further exacerbate the situation, the COVID-19 crisis has forced many businesses to operate from home shifting remote working options as default. This has led to companies and business owners rethinking the effectiveness and the role of traditional office spaces.

With hybrid working cultures on the rise and uncertainty being the only constant, here are 4 reasons co-working spaces make good business sense in this new reality.

‍

‍Cost

‍The most fiscally prudent reason to move from a traditional office to a co-working space is the cost saved from paying for rent. The pandemic has proved that many office jobs may be done remotely via WFH. As such, business owners can save a significant amount of revenue by moving to a co-working space since lesser office space is required.

Costs associated with electricity, security, the internet, cleaning, and maintenance expenses, including office pantry supply costs are divided between tenants of a co-working space — lowering overall costs.

Companies need only pay for the number of users when using a co-working space instead of paying the rent for the whole office. Some employees may now choose to work from home, saving business owners a significant amount of money.

‍

‍Convenience

‍Since co-working venues come furnished, well-maintained, and have all the facilities included in the price, companies do not have to worry about spending on furniture and renovations compared to leasing a traditional office.

With many co-working spaces applying smart technologies like GTRIIP when designing a venue, many processes such as visitor management, cloud access controls, and biometric security systems are increasingly automated. These cutting-edge and sustainable co-working spaces are attractive to professionals who value convenience, reducing the cost and the hassle of needing to upgrade software and hardware every few years.

New safety distancing measures, temperature taking, and hygiene protocols can also be maintained by the co-working space, freeing up time spent on administrative work.

‍

‍Flexibility

‍Co-working spaces offer flexibility and customizations that allow businesses to remain nimble as it grows and changes. These spaces can be used on a day-to-day or month-to-month basis. Meeting rooms can also be rented as and when the need arises, without being tied to paying rent for months at a time.

Co-working space agreements are also usually less complicated as compared to traditional office space leasing. Without a doubt, co-working spaces are more nimble and flexible than traditional office rental situations, allowing businesses to cater to a sudden spike in demand by employing more staff to help during busy periods.

‍

‍Conclusion

‍With shifting work cultures and an increasing number of employees working from home, co-working spaces are revolutionizing the commercial real estate scene, significantly reducing the demand for traditional office spaces. In the next few months, as some economies open up, co-working spaces need to prepare for the influx of businesses who will shift from traditional offices to co-working spaces.

The changing dynamics of commercial real estate means that co-working spaces need to ensure that their facilities are well maintained to cater to this increasing demand. Contactless solutions like GTRIIP have robust biometric security systems and automated visitor management controls specifically catered to co-working spaces, which require various levels of access to different areas

‍

.To learn more about the various ways GTRIIP can enhance your co-working space, reach out to us via the link below. www.gtriip.com/consult-with-us/