Singapore is third most expensive flex office location globally
SINGAPORE (EDGEPROP) – In fourth area is London with US$ 803 ($1,093) per workdesk per month, followed closely by Berlin at US$ 800.
“The flexible market is now controlled by premium quality areas since inhabitants are focused on growing an updated workplace method around a space staff members want to be in, and also in an atmosphere that improves their preferred society,” he adds.
Supply in Singapore remains fairly tight as vacant seats are being snapped up rapidly, notes Swan. “Delays in building mean that this trend is most likely to continue for the foreseeable future,” he adds.
Hong Kong, once the world’s most pricey office market, dropped to 7th spot at US$ 793 ($1,079). According to Savills, in January, workplace supply in Hong Kong had actually outstripped demand, resulting in a decline in leas and an increase in concessions to draw in occupants.
“We have seen a strong recuperation in typical rates the last few months as more people start to return to the office and as a result of Singapore’s increasing popularity amongst startups,” states Ashley Swan, executive supervisor of commercial leasing at Savills Singapore.
At an average of US$ 834 ($1,135) each month, Singapore’s adaptable office desk area is the 3rd most costly in the world.
This is one of the most costly after New york city at US$ 961 ($1,308) and San Francisco at US$ 950 ($1,293), according to a ranking of regular monthly private workplace desk cost by Workthere, a flexible workplace brokerage firm provider under Savills.
The figures mirror that tenants are moving towards the best adaptable spaces, states Griffin Foley, northeast lead, Workthere Americas.
Companies are also looking for areas near subway terminals to make it more convenient for their workers and to reduce commuting time, according to Foley.
