No18, the top-end stablemate of flexible office giant Regus, is set to open its first Asian location in the third quarter of this year, after leasing 20,600 square feet (1,913 square metres) near the island nation’s City Hall metro station.
With its new space in Capitol Singapore, a historic set of buildings recently renovated by developer Perennial Real Estate Holdings, the Stockholm-based co-working operator aims to provide workspaces with the vibe and clientele of a membership club.
The new workspace is part of a worldwide roll-out of No18 by IWG, the parent company of Regus and Amsterdam-based co-working operator Spaces, whose global footprint is said to be more than 10 times larger than WeWork.
A Workplace for Movers and Shakers
“No18 is a workplace for movers and shakers,” Regus Asia Pacific Vice President for Network Development Nigel Barnes explained to Mingtiandi. “In Sweden, if you’re a famous actor, business leader or politician, this is where you go to have your meetings and get your work done.”
Barnes, who is responsible for the roll-out of IWG’s brands in Asia explains that the seven-year-old brand, which became part of IWG’s stable in 2018, “Draws on the private club space, but with a global network.”
In its home country, No18 is popular for luxury brands looking for an exclusive venue for product launches and other events, in addition to providing desks and meeting lounges for getting work done.
Setting Up in Capitol Singapore
For its first Asian location, No18 is joining Perennials’ Capitol Singapore as the developer reintroduces the colonial era complex near CapitaLand’s original Raffles City to Southeast Asia’s financial hub.
“Our aim is to create a cosmopolitan business club and enriching experience for organisations of all sizes,” Betül Genc, Country Manager of IWG Singapore said in a statement. “At No18 Capitol Singapore, we offer a blend of workspace and residence with a focus on community and well-being.”
The 91-year-old complex has been transformed by Perennial into an integrated hub including the Capitol Piazza mall, the Capitol Kempinski Hotel Singapore, the Capitol Theatre and Eden Residences Capitol. Members at No18 will have the option of organising events at Capitol Theatre, with the support of the Kempinski Hotel.
Annie Lee, Deputy Chief Executive Officer for Singapore at Perennial said in a statement that, No18 further strengthens Capitol Singapore’s tenant mix as part of its repositioning exercise and standing as an integrated luxury lifestyle destination.”
The upscale co-working space is located on level two of Capitol Piazza, one of the three conservation buildings in the complex. About 70 percent of the centre is set aside for private offices, with another 30 percent devoted to the club and other amenities, including an event space.
Co-Working Goes Specialised
The Asia expansion of No18 is part of a global strategy by IWG for providing companies with a broader range of options, including a mid-year opening in Singapore of another high-end serviced office option.
“Singapore will also be our first City in Asia to launch ‘Signature by Regus’, which delivers premium corporate workspace at the best addresses in the World,” Barnes explained. “We open ‘Signature’ at the penthouse floors of Asia Square Tower 1 in June 2019.” He added that the company will also add a new Regus flagship location at 18 Robinson Road in the city’s central business district during the first quarter of this year, as it continues to expand its primary brand.
“We’re at a tipping point for the industry,” IWG’s Barnes said. “Flexible office has gone from quite niche to mainstream, and businesses want choice. They want location choice, they want workstyle choice and this is where we have moved as an industry.”
On January 24th in Hong Kong, IWG will be opening its largest Spaces location in Asia, the 77,000 square foot (7,154 square metre) Sun House, on Des Voeux Road in Sheung Wan which the company leased in its entirety in 2017.
The multi-brand strategy has been likened to the hotel world, where hospitality operators offer multiple options to match the customer’s price point and lifestyle.
The Asia expansion for No18 comes after the firm introduced its upscale option to the US in 2018, with the first location opening at the luxury shopping center The Shops Buckhead in Atlanta late last year. In August 2018 the brand leased its first UK location in London’s Battersea Power Station.
Barnes says that, while there’s no set timeline for more No18 locations in Asia, IWG will be introducing the posh co-working concepts to more cities in the region, including Hong Kong and Bangkok.