Global workspace innovation firm The Instant Group, whose digital platforms constitute the world’s largest digital marketplace for flexible workspace solutions, analyzed 2022 demand, rates, and supply for Singapore, one of Asia’s key business hubs.
Demand for flexible workspace in Singapore increased by 37% in 2022 compared to 2021, and by 62% in the second half of 2022 when compared to the first half of 2022.
In Singapore, average rates for workstations increased by 4% in 2022 compared to 2021. This was due to increased demand putting pressure on supply. The average rate for a desk in 2022 was $537 USD per month.
The supply of flexible office space increased by 2% in 2022 compared to 2021, with serviced offices seeing a 3% increase, followed by hybrid at 2%. The supply of coworking spaces did not increase over the past year.
“Like other markets across the region, Singapore’s COVID restrictions eased in April 2022, allowing the workforce to return to office. However, with traditional leases expiring, many corporates saw the opportunity and need to adapt their real estate strategies, often downsizing in favor of more dynamic and flexible workspace arrangements,” said Ana Olivares, Director at The Instant Group, Asia Pacific.
“The bulk of new flex supply was released to market in Q1 2022, and with increased demand, operators ceased the opportunity to increase rates, particularly for newly launched locations such as WeWork @ 21 Collyer Quay and The Work Project @ CapitaSpring,” added Olivares.
Note: The supply data provided by Instant is based on the number of flexible workspace locations.
About The Instant Group
The Instant Group has been rethinking workspace since 1999 with over 500 experts working globally across more than 175 countries. Instant’s digital platforms constitute the world’s largest digital marketplace for flexible workspace listing meeting rooms, virtual offices, flexible office space and coworking memberships. Its global team advises on commercial real estate solutions from serviced offices to fully customized managed offices, and consulting services for portfolio and net zero strategies. Instant’s approach enables agility, hybrid working solutions and improved operational resilience for more than 250,000 businesses every year. Clients include Prudential, Booking.com, Shell, Jaguar Land Rover, and GSK. Instant has global offices including London, Paris, New York, Hong Kong, Singapore, and Sydney.
As part of The Instant Group, Incendium provides clients with real estate procurement, consulting, talent and change management programs that enable organizations to use real estate as a catalyst of agility, performance, and value.