CO-WORKING SPACES IN SINGAPORE; AN UNDERSTANDING OF MILLENNIAL PREFERENCES

Abstract

Co-working spaces are popping up in cities across the world, including Singapore. Initially, it was a response to meet the needs of the gig economy, specifically after the 2009 Global Financial Crisis. As co-working spaces provide users with a wide range of amenities while operators enjoyed profits, it is becoming increasingly commonplace. But what will happen during an economic downturn and the demand for co-working space decreases? This paper addresses the root of this problem, by analysing the needs of co-working space users, in terms of workstyle preferences of millennials. This discussion on how co-working space can adapt to cater to the preferences of the millennial workforce aims to enable co-working spaces to be resilient, even in an economic downturn.

This study aims to identify the preferences of millennials, who will make up an increasing proportion of the workforce in co-working spaces. This study also aims to identify the possible effects of co-working spaces on office space and land use in Singapore. Both the quantitative and qualitative research support my hypothesis that tenants of co-working spaces are willing participants of co-working spaces, and prefer being a part of the Sharing economy, instead of owning spaces they work in. The qualitative research also provides insights on the impact that co-working spaces can have on the land uses in Singapore. However, industry professionals reject my hypothesis that co-working spaces will blur the sector uses, since the government plans for spaces in Singapore to remain affordable for tenants in each industry.