Swing spaces are temporary office spaces that a company utilises, usually used when a firm is upsizing, resizing, moving, or renovating. Swing spaces can also be used when a company is re-evaluating their office footprint and needs a temporary space to house essential resources. Hence, these spaces are typically short-term in nature.
Swing spaces traditionally are in older buildings that are close to the end of their lifespan. Since the space is allocated for short term occupancy, the quality of space will not be equivalent to newer spaces that are recently constructed or renovated. Hence, problems might arise when the building’s infrastructure isn’t able to operational requirements of the company.
An office space might still be necessary for companies that require large amounts of collaboration within their teams. The wide array of meeting rooms, common areas and personal customizations within the space allows for company operations to continue without sacrificing convenience and comfort. Furthermore, co-working spaces are found island wide. This provides companies with an option to choose their locality of the office.
2) Cost Effective
Co-working spaces are equipped with electrical and network infrastructure, which are essentials for businesses today. Furthermore, co-working spaces are purpose-built spaces which are designed to be streamlined with the company’s requirements. The cost savings for utilizing a co-working space as opposed to refurbishing a traditional swing space would add up, especially if the requirements become more complex.
3) Minimal Setup Required
Co-working spaces requires lesser setting-up since majority of the furnitures are provided by the operator. This means that companies do not have to procure additional furniture for a temporary space. Furthermore, the customization of the offices are also done by the operators, and companies do not have to overlook construction and fitting out of the office. This then reduces the added stress of moving offices.
Unlike leasing a typical office unit, co-working agreements are flexible in nature. This allows for companies to align their stay within these spaces with the time needed for the new office to be ready.
5) Healthy Work Culture
Having a well-equipped swing space maintains healthy work culture since the company can hold in-person meetings, conferences, and such. This greatly promotes socialization within the team, which of course increases productivity. Amenities such as rooftop gardens, gyms and coffee baristas are also some of the highlights of co-working spaces. These facilities add value by allowing more interactions within the team or provide a fresh change of scenery for users.
Currently, there is a shortage of Grade A office spaces coupled with an increase requirement to redesign office spaces due to new hybrid work arrangements. Hence, co-working demand has increased since they can be utilised as interim swing spaces before newer offices appears down the pipeline.
Moreover, fit-out costs and construction time has increased ever since the COVID-19 pandemic started. Hence, companies are less inclined to fork out money to refurbish a space, especially if its temporary.
The buzz of an imminent recession and the increase in rents across offices, has also resulted in firms wanting the flexibility of a swing space before making the right decision on their new office requirements.
Although there is no specific co-working space that strictly adopts the concept of a swing space, thereare plenty of new supply of co-working areas that are fresh in the industry. From the largest co-working office at WeWork’s 21 Collyer Quay, to the upcoming JustCo International Plaza slated to open Q4 2022, there are plenty of spaces available for companies to utilise as swing spaces.
In this day and age, utilising traditional swing spaces will not cut it, since the focus of ergonomic designs and the need for additional infrastructural works can be costly to implement in these spaces. Traditional office swing spaces also typically have rigid leases, lasting from 2 to 3 years, with thedue diligence process requiring plenty of administrative oversight on the company’s end.
Through Workthere, we provide companies with an extensive list of workplace solutions presented by our partnered service office providers. From customisable lease terms to specificities in electrical infrastructure, Workthere can provide flexibility and a worry-free environment for companies to thrive in, ensuring that our bespoke solutions will cater to all requirements provided by our clients.
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