Demand For Singapore Coworking Space Up 37%
SINGAPORE – The Instant Group revealed that demand for flexible office space in the city-state increased significantly by 37 percent last year. The robust take-up was driven by tech firms patronizing coworking space, reported the Singapore Business Review (SBR) on Thursday morning (3 March, SGT).
In fact, research by the workspace innovation company showed that demand for flexible workspace from tech firms alone rose by 14 percent in 2021 following the expansion of major brands like e-commerce giant Amazon in Citigroup’s office in Asia Square Tower 1, Twitter in CapitaGreen, and TIkTok in One Raffles Quay.
The Instant Group said the higher workstation demand occurred as businesses reviewed their work strategies.
“Large corporate occupiers (are) shifting from traditional leases into flexible space through enterprise solutions,” it noted.
Looking ahead, the workspace innovation company has forecasted that demand for coworking space would increase further this year as “companies strive to find a solution to unify office and remote working and provide their employees with increased choice of where to work.”
“With demand increasing, more supply may be needed in the market to keep up,” added the Instant Group.
Aside from that, the workspace innovation company predicts that prices of flexible office space in downtown Singapore will rise to around S$900 per workstation in the next 6 to 12 months.