Singapore Flexible Office Space To Experience Further Growth

Singapore Flexible Office Space To Experience Further Growth

SINGAPORE – The flexible office market in Singapore is flourishing. Last year alone, the market experienced a 22% growth, as it outperformed Sydney, London, and San Francisco. Singapore became the 3rd fastest growing flexible office space market, right after Melbourne and New York. These statistics were revealed by The Instant Group, a global flexible space specialist.

Along with the growth in the office spaces in Singapore, there is also a rise in the prices of desk rates. Desk rates are increasing and the cost of one is now averaging at $588 in Singapore. However, the desk rate is only a fraction of the cost of renting a private office space in the central of Singapore. With this, businesses are now easily able to get an office space in some of the most important regions of this key global market.

According to another research by the same group last year, in four years, the hybrid spaces and coworking spaces have increased by four times. Singapore, therefore, became an integral part of the total APAC market growth.

Singapore is being speculated to show immense growth in the coming run because it has already seen a 17% rise this year in coworking spaces, flexible spaces, and hybrid offices. There has been a 33% increase in flexible office space also in North Singapore. Additionally, 90% of the total workspace centers are still in the CBD region of Singapore and a total of 200 flexible office spaces are located in central region of Singapore. These facts show that the growth in flexible offices and spaces is on a rise in Singapore and there is no reason to doubt that the growth will be stopped or slow in the coming run.

Also, Singapore is an integral part of the Asia Pacific region and the rate of desks there is lower as compared to other cities such as Hong Kong and Shanghai. As compared to New York, its prices are about 57% lower. This is another reason why Singapore is all set to experience further growth as a new operator in all the main locations.

The Singapore economy performed well in 2017 in Singapore. The main contributors to growth have been transportation and finance. Most of the companies there are based in the Central area but the government is also trying to and planning to create new business zones that are outside the central district.

In 2018, the demand for serviced offices has also been higher than the predominant hybrid space market as well. There has been a 48% rise in the serviced spaces as compared to the 34% rise in the hybrid spaces.

The benefits of choosing a flexible office space are higher than renting a private office. According to Instant Office, which reveals its results after 20 years of data collection, businesses can end up saving 73% if they choose a flexible office space provider instead of choosing a conventional leased office space. These offices can also be set up in the prime areas that are otherwise not accessible to most small companies.

Larger companies have seen many benefits of choosing to opt for flexible office spaces and their demand, therefore, continues to grow.

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