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Co-working space – not just for start-ups

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PHOTO: HUBBA-TO co-working space in Bangkok

by Thanchanok Phobut | Senior Coordinator, CBRE Thailand

CBRE, an international property consultancy company, reveals that co-working space seems to be on the tip of everyone’s tongue these days. There was a time when no-one knew what the term “serviced office” meant or why someone would want such an option. But today, you can’t open a business publication without seeing an article about co-working. Most people think of co-working spaces as being a thriving hub of young latte-sipping, technology entrepreneurs, coming up with the next big idea that will make them multi-millionaires.

While there is an element of truth to this image, the end-goal for many co-working space operators is to change the way that companies, not just start-ups, source their office space. They want companies to pay for office space as a service rather than follow the traditional route of signing a lease, fitting out their own space, having an office manager maintain the premises and hiring their own employees for reception and administrative duties.

Co-working office operators usually offer companies their own private space. It is most common to be offered an office based on the size you will need to fit in a set number of desks. For example, if your company has four employees, your package offer will include a furnished closed office with four desks, 4 chairs and optional telecommunications equipment for four people (internet service, phone number and a telephone handset).

There is usually a common kitchen area and spaces to meet and mingle. Think of it like a five-star hotel, you’re not sharing a room, but you are getting a high level of service and amenities on the premises.

You usually have a short-term commitment, not signing a lease for years. The best deal is usually for a year or more, but you can lease your office for as short as one month. Starting and ending your relationship with an operator is most often quick and easy. Since the office is already outfitted and reception services provided, getting to work is much quicker than when you need to design your new space yourself or hire your own support staff.

“Competition in the space is red hot. As more and more offices pop up, the fight to achieve 100% occupancy is fierce. When shopping for your space, be sure to consider more than just price, as the services and reputation of your provider are just as important.

“If you do your homework, you’ll avoid the pitfalls of co-working space, such as unreturned deposits, unexpectedly thin walls between units or fees for things like coffee and copying that you didn’t expect. The great news is, changing providers is much easier than with traditional space,” states Mr. Nithipat Tongpun, Head of Advisory & Transaction Services – Office, CBRE Thailand.

According to a recent CBRE report on the New York City office market:

  • While traditional long-term leases are the preferred model for business and the foundation of the commercial office market, the rapid growth of third-party flexible space operators provides occupiers with a wide variety of options for leasing office space. Since 2013, when the expansion of third-party flexible space began to gain significant traction, the sector has averaged an annual growth rate of 22 percent.
  • There are strong indicators of user demand for the services of the third-party space providers. In fact, 75 percent of corporate occupiers anticipate including co-working or flexible space in their occupancy portfolio over the next three years.
  • Smaller users also continue to be an important part of the target market; as the flexible space footprint has grown in Manhattan, the amount of traditional leasing among tenants under 5,000 sq. ft. has dropped off by 42 percent between 2013 and year-end 2017, suggesting that these users are migrating to flexible space solutions.

In Bangkok, four large co-working space operators are opening in multiple locations. JustCo, Spaces, The Great Room and WeWork leased a combined total of 25,000 square metres of space in some of Bangkok’s best office buildings last year and they are still growing.

“I recently met Yvan Maillard, general manager of The Great Room‘s Singapore operation and he said that, in Singapore, 30% of his clients are late stage start-ups, 30 % are private investment family offices and 30% are mainstream corporates. In the case of corporates, they often lease co-working space as a stopgap before finding a larger permanent office for their expanding team,” said Mr. James Pitchon, Head of Research and Consulting, CBRE Thailand.

It is not only the way companies source their office space that is changing. Even those companies who continue to lease office space directly are changing the way that they use the space – having your own office or even your own desk is out of fashion – agile working is all the rage.

Mr. Nihipat added, “Companies are providing employees with a daily choice of environments from quiet space to a layout that enables teams to collaborate. Employees are expected to move around the office, depending on their tasks. The objective is to create a workspace that fulfills the employees’ needs in a high-quality environment, while minimizing the number of individual desks needed, effectively putting more people to work in less space.”

Globally and in Bangkok, the office market will continue to evolve and while traditional leases are yet to be seen as a thing of the past, CBRE expects more companies to provide agile working environments. CBRE also expects to see significant growth in the amount of co-working spaces provided by third party suppliers.

“This will mean an increase in the demand for high quality buildings with flexible, column free floor plates, technically advanced air conditioning and temperature control, as well as sufficient lift capacity to deal with higher rates of occupation density.

Many of the new generation of buildings currently under construction or being planned in Bangkok will have these features and we won’t be surprised to see more and more co-working spaces open their doors as companies weigh the real advantages of this option versus traditional space. Check out our list of the best 5 co-working spaces currently available in Bangkok.

Co-working space - not just for start-ups | News by Thaiger

 

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Coronavirus (Covid-19)

Active Covid-19 clusters reported in 16 Bangkok districts

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Photo via Facebook/กรุงเทพมหานคร โดยสำนักงานประชาสัมพันธ์

Bangkok residents living in any of the 16 districts in the capital with active Covid-19 clusters are being advised to strictly follow disease control measures. Spokesperson Taweesilp Visanuyothin made the warning during today’s Centre for Covid-19 Situation Administration briefing.

In the latest wave of Covid-19 infections, more than 28,000 cases have been reported in Bangkok. Taweeslip says there have been 29 clusters. 8 of those outbreaks have been controlled while the other 21 clusters are still active.

Some of the clusters include…

  • Construction workers’ camps in Khlong Toey, Laksi and Watthana
  • Khlong Toey slum communities
  • Huai Khwang market
  • Prisons in the Chatuchak district

The outbreak at a construction site in Laksi is one of the largest clusters with 885 cases reported yesterday and another 1,107 cases were confirmed today.

Active Covid-19 clusters reported in 16 Bangkok districts | News by Thaiger

SOURCE: Bangkok Post

 

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Crime

Man arrested for allegedly exchanging fake US bills for 1.2 million baht

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A man was arrested in Bangkok for allegedly exchanging counterfeit foreign bank notes at a currency exchange kiosk, taking off with 1.2 million baht.

Police say Thanat Amatawimut, a 42 year old building contractor, exchanged 360 fake $100 USD bills for 1.2 million baht at a kiosk in Bangkok back in 2019. The staff accepted the cash, but later realised the bills were fake and attempted to contact Thanat. A complaint was later filed at the Lumpini police station. The Criminal Court issued an arrest warrant last October.

Thanat was arrested in Bangkok’s Chatuchak district yesterday. He denied the charges.

SOURCE: Bangkok Post

 

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Coronavirus (Covid-19)

Bangkok Covid clusters prompt inoculation goal of 5 million by end of July

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As 28 new Covid-19 clusters hit Thailand’s capital of Bangkok, The Public Health Ministry says it is planning to vaccinate 5 million people by the end of July. The capital yesterday saw the highest number of daily new infections at 1,843 out of the nationwide high of 9,635. The unusually high amount of infections comes after 12 prisons in Thailand were found to be infected with Covid, accounting for 6,853 of the daily new infections.

Taweesilp Visanuyothin, the spokesman for the Centre for Covid-19 Situation Administration, says the CCSA is monitoring the clusters in Bangkok, which are spread out over 19 districts. The Bangkok Metropolitan Administration has separated the clusters into 4 categories which are comprised of local transmission rates and daily new infections.

The district level clusters include:

Din Daeng

Watthana

Klong Toey

Laksi

Lat Phrao

Ratchathewi

Phra Nakhon

Pomprap Sattruphai

Suan Luang

Pathumwan

Sathon

Samphanthawong

Chatuchak

Bang Rak

Prawet

Wang Thonglang

Ramkhamhaeng

Bangkok Noi

Huai Khwang

Laksi, Din Daeng, and Pomprap Sattruphai districts saw the most amount of clusters as a construction worker camp saw 885 infections. Authorities say there were 11 subcontractors working at the site, with workers being spread out across 8 camps nearby. 6 camps featuring 6,000 residents were told to take Covid precautions, as the entire construction site has been sealed off.

Opas Karnkawinpong, the director-general of the Department of Disease Control, says the DDC will set aside enough vaccines for the BMA to make sure that 70% of the capital’s residents were vaccinated by the end of July. Opas says as soon as AstraZeneca vaccines arrive next month, the mass vaccination drive will start. He says the blueprint for the drive has already been approved by Bangkok’s Covid-19 coordination committee that was set in place by PM Prayut Chan-o-cha.

Today, Thailand is reporting 2,473 new infections and 35 Covid-related deaths. The number of active cases continues to rise. Yesterday the state recorded 35,055 people still under care in hospitals or field hospitals. Most of these people remain asymptomatic.

SOURCE: Bangkok Post

 

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