Singapore is third most expensive flex office location globally
SINGAPORE (EDGEPROP) – The figures reflect that occupants are moving towards the most effective flexible rooms, claims Griffin Foley, northeast lead, Workthere Americas.
Businesses are also seeking locations near train terminals to make it more convenient for their workers and also to reduce commuting time, according to Foley.
Supply in Singapore continues to be relatively limited as uninhabited seats are being grabbed rapidly, notes Swan. “Hold-ups in construction mean that this fad is most likely to continue for the foreseeable future,” he includes.
At approximately US$ 834 ($1,135) per month, Singapore’s flexible office desk space is the third most expensive globally.
“We have seen a strong recovery in average rates the last couple of months as even more individuals begin to return to the workplace and also because of Singapore’s boosting popularity amongst start-ups,” claims Ashley Swan, executive director of commercial leasing at Savills Singapore.
In 4th location is London with US$ 803 ($1,093) per workdesk per month, followed closely by Berlin at US$ 800.
“The flexible market is now controlled by premium quality rooms due to the fact that inhabitants are concentrated on growing an upgraded workplace approach around a room workers wish to be in, as well as in an environment that improves their desired culture,” he includes.
This is one of the most expensive after New York at US$ 961 ($1,308) and San Francisco at US$ 950 ($1,293), according to a ranking of month-to-month private workplace workdesk cost by Workthere, a versatile office brokerage firm service provider under Savills.
Hong Kong, once the globe’s most costly office market, dropped to 7th place at US$ 793 ($1,079). According to Savills, in January, office supply in Hong Kong had actually overtaken demand, causing a decrease in leas and an increase in giving ins to draw in lessees.