Singapore is third most expensive flex office location globally
SINGAPORE (EDGEPROP) – The numbers reflect that occupants are gravitating in the direction of the very best adaptable areas, claims Griffin Foley, northeast lead, Workthere Americas.
This is one of the most pricey after New york city at US$ 961 ($1,308) and also San Francisco at US$ 950 ($1,293), according to a ranking of month-to-month private workplace workdesk price by Workthere, a flexible office brokerage provider under Savills.
At an average of US$ 834 ($1,135) each month, Singapore’s flexible workplace workdesk room is the 3rd most pricey globally.
Businesses are also seeking places near subway terminals to make it more convenient for their workers as well as to reduce commuting time, according to Foley.
Supply in Singapore remains fairly tight as vacant seats are being got quickly, notes Swan. “Hold-ups in building and construction mean that this pattern is most likely to continue for the near future,” he adds.
Hong Kong, sometime the world’s most costly workplace market, fell to seventh spot at US$ 793 ($1,079). According to Savills, in January, workplace supply in Hong Kong had overtaken demand, causing a reduction in rental fees and an increase in concessions to attract lessees.
“We have seen a strong healing in typical prices the last couple of months as more individuals start to return to the workplace and also as a result of Singapore’s enhancing popularity amongst startups,” says Ashley Swan, executive supervisor of business leasing at Savills Singapore.
“The adaptable market is now controlled by excellent quality spaces due to the fact that occupiers are concentrated on cultivating an updated workplace method around an area workers wish to be in, and in an environment that boosts their preferred society,” he adds.
In 4th area is London with US$ 803 ($1,093) per desk monthly, followed closely by Berlin at US$ 800.