Flexible workspace operators in Singapore on expansion path again
With the return to office, demand is rising and utilisation rates are as high as 70 to 80 per cent
BUSINESS has been brisk for operators of flexible workspaces here in the past few months after a couple of lean years due to the pandemic. And they are set to resume on the expansion path even with the cost of flexible offices here reported to be the third-highest in the world, after New York and San Francisco. The average cost of private office desk space in Singapore is US$834 a month, according to Workthere, a flexible office leasing agency under property consultancy Savills.
The pick up in demand for co-working space and serviced offices has come on the back of the Singapore government’s relaxation of travel restrictions in and out of the country, facilitating the setting up of offices here by overseas entities. More people being allowed to enter office buildings also boosts footfall at flex space facilities.
“Corporates are also increasingly open to adopting the core-flex model offered by landlords, given the fast-changing operating environment and the limited availability of Grade A office space in the CBD,” said JLL Singapore’s head of research and consultancy, Tay Huey Ying.
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