Demand For Singapore Coworking Space Rose 13% Last Year
SINGAPORE – Statistics from workspace solutions provider The Instant Group revealed that take-up of flexible workplaces here increased by 13 percent in 2021 compared to prior the COVID-19 pandemic in 2019, reported the Singapore Business Review (SBR) on Thursday morning (16 June, SGT).
However, the demand for coworking space dropped by about 14 percent in 2021 compared to the preceding year. Still, the supply of such workspace edged up by 6 percent over the same period and it recorded a higher increase of 10 percent versus 2019.
The growth in demand for Singapore coworking spaces came amidst a rise in business registrations last year. In 2021, the number of companies registered here climbed by 11 percent to 4,595,973 versus 2019’s 4,145,677. But when compared to the 4,374,298 seen in 2020 the growth moderated to 5 percent.
In particular, Downtown Singapore was named as the most expensive location for coworking space at S$876 per month, while Tampines was the most affordable location at S$613 per month.
The Instant Group’s Director for Asia Pacific Ana Olivares shared that Singapore’s coworking space market in Q2 and Q3 2021 remained flat compared to 2019, then activity improved in Q4 after the government eased COVID-19 curbs.
Entrepreneurial activity in the coworking space segment also boosted growth and improved demand for flexible offices amidst the virus outbreak, she added.