Singapore Ranked 3rd For World’s Priciest Coworking Space
SINGAPORE – Workthere, Savills’ technology-enabled flexible office brokerage, named the city-state as the third most expensive flexible office market in the world, reported Real Estate Weekly on Tuesday morning (22 March, SGT).
In fact, private office desk space in Singapore cost an average of US$834 per month, while rival financial hub Hong Kong is ranked 7th with monthly cost at US$793.
Notably, the Chinese territory was once the most expensive office market in the world. But in January, data from Savills showed the office stock there has surpassed office demand, leading to a drop in office rents, while the cost of concessions climbed as office landlords spent more in order to lure office tenants.
Meanwhile, New York (US$961) was crowned as the priciest flexible office location in the world, followed by San Francisco (US$950). London (US$803) clinched the 4th spot, while Berlin (US$800) took the 5th place.
“Similar to the Manhattan office market as a whole, there has been an undeniable flight to quality which has resulted in a shrunken set of options to choose from and ultimately higher asking rents,” said Griffin Foley, Northeast Lead at Workthere Americas.
He added that London was one of only three European cities in the top ten. Completing the list are Austin (US$799) at the 6th spot, Toronto (US$791) at the 8th place, Seoul (US$776) at rank 9, followed by Paris (US$773).
Moreover, Foley revealed that companies and clients of coworking spaces are looking for flexible workspaces close to subway stations to make the commute more convenient and reduce travel times.
“The flexible market is now dominated by high quality spaces because occupiers are focussed on cultivating an updated office strategy around a space employees want to be in, and in an environment that enhances their desired culture,” he added.
