The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Interested in a Corporate TUD+ Membership? Access premium content, site tours, event discounts and networking opportunities
Interested in a Corporate Membership? Access exclusive member benefits today
Enquire NowEnquire
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Partner Lab
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
print
Print
OfficeStaff WriterMon 05 Sep 16

Research Reveals The Rise Of Co-Working Spaces

iStock_80184859_SMALL_620x380

New research has revealed that collaboration is king in today’s workplace as the popularity grows for co-working spaces.

The latest research shows that there were 7,800 co-working spaces available globally in 2015 which was a dramatic increase from just 75 spaces in 2007.

Western locations like New York and London, which each contain at least 120 co-working spaces, currently lead the pack in co-working options but the phenomenon is gaining momentum in the Asia Pacific region, where an estimated 300 co-working spaces can be found in gateway cities including Hong Kong, Singapore, Shanghai, Tokyo, Sydney and Melbourne.

Sydney and Melbourne are home to around 60 co-working spaces, with major operators including Hub Australia, Jelly Coworking Meetup and WOTSO Workspace.

By contrast, Tokyo is home to roughly 100, while Hong Kong, Singapore and Shanghai host 40-60 each.

Local and regional co-working space operators still dominate in Asia Pacific, accounting for a 60% market share. However, several international players are expanding aggressively.

CBRE Workplace Strategy Director Matt Strudwick said technology had liberated organisations from the traditional view of the office being the place to work.

“Organisations are using a mix of spaces to provide an attractive proposition to their employees, service their clients more effectively and drive out some of the fixed costs of traditional office space,” he said.

“Employees have been empowered to work from client locations and from home in the past, but co-working spaces offer something more.

"Co-working spaces are conducive to fostering and enhancing an entrepreneurial culture and a sense of team.”

CBRE Asia Pacific Head of Research Dr Henry Chin said competition among co-working space operators was intensifying as they open more centres, lease larger spaces and increase their presence in prime areas.

“Co-working space operators need to plan expansion carefully, keep costs in check and be aware of this increasing competition—as well as conducting thorough assessments of supply and demand dynamics,” he said.

“While the rise of co-working space in Asia Pacific is by no means a disruptive threat to the traditional office format or leasing model, it does have a number of implications for occupiers and landlords alike, for example pointing to the need for a new approach towards office design to facilitate better collaboration and interaction between people.

"Landlords may want to consider whether to lease space to co-working operators or develop their own co-working platform following a detailed evaluation of the costs and benefits.”

OfficeInternationalAustraliaTechnologySector
AUTHOR
Staff Writer
"TheUrbanDeveloper.com is committed to delivering the latest news, reviews, opinions and insights into the best of urban development from Australia and around the world. "
More articles by this author
ADVERTISEMENT
TOP STORIES
Anthony and Paul Mancini HERO TEMP
Exclusive

Adapt or Die: How Mancini Pulled Back from the Brink

Leon Della Bosca
8 Min
Elanor Investors Tweed Mall masterplan
Exclusive

Tweed Marks Time as $900m Mall Redevelopment Goes Quiet

Renee McKeown
6 Min
High-density residential construction in Melbourne
Exclusive

Stabilising Conditions in Melbourne Bring Hopes of Improved Feasibility

Leon Della Bosca
6 Min
QBCC project trust accounts hero
Exclusive

Developers Warned as Commission Cracks Down on Subbie Pay Scheme

Clare Burnett
7 Min
Urban Infill site at Tonsley SA
Exclusive

SA Grapples with ‘Development Killer’ Carparking Law Changes

Leon Della Bosca
7 Min
View All >
Balmain Leagues Club EDM
Residential

Perifa’s Ex-Balmain Leagues Plan Clears Final Hurdle

Clare Burnett
Coliving Chippendale EDM
Residential

Plans for $31m Co-Living PBSA in Sydney CBD Revealed

Clare Burnett
the view to Victor Harbor in Greater Adelaide.
Residential

Bill Unlocking 61,000 Home Sites Passes in South Australia

Renee McKeown
Farms will make way for homes in the wake of the rezoning legislation, but little agriculture land has been lost…
LATEST
Balmain Leagues Club EDM
Residential

Perifa’s Ex-Balmain Leagues Plan Clears Final Hurdle

Clare Burnett
3 Min
Coliving Chippendale EDM
Residential

Plans for $31m Co-Living PBSA in Sydney CBD Revealed

Clare Burnett
3 Min
the view to Victor Harbor in Greater Adelaide.
Residential

Bill Unlocking 61,000 Home Sites Passes in South Australia

Renee McKeown
2 Min
Anthony and Paul Mancini HERO TEMP
Exclusive

Adapt or Die: How Mancini Pulled Back from the Brink

Leon Della Bosca
8 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/co-working-spaces-resarch