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Singapore Ranked 9th Top Coworking Space Market

SINGAPORE – Data from The Instant Group showed that the city-state was the ninth hottest flexible office market in the world for the whole of 2023, reported The Property Tribune on Tuesday (12 December, SGT).

The coworking space provider said Singapore registered a sharp increase in demand for flexible office space in both 2021 and 2022. But while it saw a 127 percent surge in year-on-year demand in 2022, demand subsequently declined by 27 percent in 2023. Nonetheless, Singapore’s compound average growth rate (CAGR) in the last five years remains positive at around 11 percent, indicating that demand for coworking spaces in the republic remains above pre-pandemic levels.

Meanwhile, London was named by The Instant Group as the world’s top flexible office market for 2023. However, demand for coworking space in the UK’s capital dipped by 4 percent on an annual basis this year.

Mexico City clinched the second place, recording a whopping 163 percent spike in demand. It’s followed by Riyadh, Saudi Arabia, where demand for coworking space climbed by 48 percent year-on-year.

At the fourth place is Dubai, United Arab Emirates (up 9 percent), followed by Sydney, Australia (up 19 percent).

John Alfafara, the General Manager of The Great Room by Industrious, commented that recently demand for flexible office space in Sydney was mainly driven by the tech sector, with law firms, real estate companies, and financial service providers contributing to the demand as well.

“Many off-shore tech groups use Sydney as a launchpad into Australia. They are drawn to the country’s economic resilience, high demand for skilled labour, leading universities and tech research, government programs, connectivity to Asia-Pacific and of course, the lifestyle Australia offers,” he remarked.

In fact, CBRE Research Manager Thomas Biglands disclosed that the Sydney office sector is well suited for flexible office space, given that more than 50 percent of office leasing enquiries this year were made up by those looking for workspace measuring under 500 sq m.

“Coworking can offer these firms flexible space options while they gauge their longer-term office requirements,” added Biglands.

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