Staying Resilient in Economic Shifts
In light of a recent news of an industry leader is grappling with bankruptcy and lease re-negotiations, a cloud of uncertainty hangs over the future of collaborative spaces and their business viability. These challenges resonate with our own journey since the pandemic’s onset as whispers of doubt ripple through our member community regarding the industry’s future. Staying true to our values - to be a neighbourhood builder - The Working Capitol commitment extends beyond providing spaces.
Since 2015, The Working Capitol prides itself on it’s four core values, shaping our identity to build Singapore’s most diverse and resilient neighbourhood. Defying against industry norms, we boldly offer true flexibility, customization, community building and driving sustainability. This has fostered the growth and loyalty of our members over the years, solidfying our position that co-working spaces are not just here to stay but to thrive.
The Human Approach in COVID-19
Keong Saik Shophouse Facade during COVID-19
Beyond our role as real estate operators, we thrive as one of the pioneer leaders in the co-working space, presenting a range of co-working solutions from small business to enterprises for up to 200 pax. We intimately understand the challenges faced by business operators, especially the burden of overhead costs where rent often constitutes a significant portion. When the pandemic struck and members sought ways to cut costs due to remote work trends, we faced a critical juncture.
Our Founder & CEO, Ben Gattie, drew inspiration from his setback, having previously navigated challenges from the liquidation of a site on Robinson Road. Guided by his bold strategy, we defied conventional business practices. Contrary to industry norms, we proactively extended rental relief, provided flexible downsizing options, and above all, prioritized our community, actively seeking ways to support them and their businesses. This commitment not only helped The Working Capitol to weather the COVID-19 storm with a remarkable 98% occupancy, but also fueled our organic growth, expanding operations from 2 to 33 conservation properties across our vibrant neighbourhood, fostering invaluable loyalty among our community members.
Flexibility
Shophouse Unit at Keong Saik
You have probably come across commercial spaces trumpeting their flexibility, only to backpedal when push comes to shove. With our recent article on Delivering True Flexibility, unveils a different narrative. Through two compelling case studies, including a prominent leader in the FinTech industry, we showcased the tangible success of our commitment to true flexibility. When our members expressed the need to both upsize and downsize according to their dynamic needs, we not only listened by acted.
Navigating the sensitive topic of downgrading, our members have the autonomy to decide on their next move, reassured that they are in good hands within our space. Our flexibility encompasses lease terms and space, a boon for startups venturing into the market. This flexibility empowers them to scale up or down when required, maintaining their operational flow with minimal disruption.
Customization
Shake Shack Mural along Neil Road
In the ever-evolving landscape of dynamic work environments, our members spans a diverse array of industries, ranging from F&B to blockchain. What sets us apart is our commitment to offering unparalleled customization options, allowing our members to shape their spaces into a true reflection of their brand identity. Through a unique blend of personalized configurations and exclusive branding opportunities, we provide selections rarely found elsewhere, enabling our members to design their spaces in harmony with their brand essence.
Take, for instance, our member, Cariuma, a certified B Corp footwear brand, was seeking a hybrid work and showroom space. We constructed a layout that was attuned to their needs and conforming to the heritage space and delivered a customized solution that perfectly aligned with their vision in their own building at 150 Neil Road.
Similarly, we've collaborated with F&B partners who have envisioned their shophouse facades as canvases for their brand aesthetics. Working on commissioned mural art pieces, we have infused vibrancy into the neighbourhood while showcasing each brand's unique essence.
Community & Heritage
Heineken Happy Hour at The Commons, The Working Capitol
When we delve into the realm of heritage spaces, it's a journey back to our historical roots, a time when communities were intricately woven across diverse locations. In the aftermath of the pandemic, fostering connections became more vital than ever. The community team has initiated a series of community events, offering opportunities for individuals to network and cultivate connections within the same shared space. From our morning mingles to happy hours and seasonal events, we have curated experiences that bring our members to network and create a unique sense of neighbourhood spirit.
Being in the iconic heritage shophouse scene, we do our best to pay homage to the heritage of each space. We actively encourage businesses to celebrate their historical ties, such as the notable example of Shake Shack at 89 Neil Road—a former Tiger Balm Factory. Today, Shake Shack pays homage to this legacy through a captivating wall mural, while their menu features exclusive items, inviting guests to partake in the rich heritage of the space.
Sustainability
Club Street Shophouse featuring Flokk Chairs and Ecopex Furnitures
Sustainability has become a ubiquitous term in corporate rhetoric, but at The Working Capitol, it's not just a buzzword; it's a way of life. Recognizing that 37% of global emissions stem from building and construction, we embrace the ethos that the greenest building is one that already exists. Nestled in heritage spaces, we champion conservation efforts within our shophouses, aligning with the circular economy and adaptive reuse initiatives at the core of our business.
To combat the mass production of furniture, we've partnered with sustainable providers like Ecopex, renowned for their zero-waste approach in refurbishing existing pieces into high-quality products. These items grace our spaces and undergo seamless swaps based on member needs, reducing furniture demand with each move-out and extending their lifespan. For our premium members, we offer Flokk chairs, meticulously crafted with a holistic environmental approach—from materials and manufacturing to employee conditions and product lifespan.
In addition to greener fixtures and fittings, we've made the switch to Flo Energy as our sustainable energy provider. Collaborating with Cream of the Crop, we are greening our rooftop, and with Unravel Carbon, we track our carbon emissions. Sustainability, for us, is about fostering win-win business relationships and cultivating a resilient neighbourhood eco-system together.
Conclusion
The Working Capitol stands resilient in the face of industry challenges, staying true to our values as neighbourhood builders. From defying industry norms to expanding our operations and fostering loyalty among our community members, our success story is a testament to the strength of our principles. As we navigate the future, our unwavering commitment to flexibility, customization, community and sustainability remain at the forefront as we continue to shape more vibrant neighbourhoods, with upcoming ventures in Telok Ayer, Ann Siang and Club Street.