Editorial & Advertiser Disclosure Global Banking And Finance Review is an independent publisher which offers News, information, Analysis, Opinion, Press Releases, Reviews, Research reports covering various economies, industries, products, services and companies. The content available on globalbankingandfinance.com is sourced by a mixture of different methods which is not limited to content produced and supplied by various staff writers, journalists, freelancers, individuals, organizations, companies, PR agencies Sponsored Posts etc. The information available on this website is purely for educational and informational purposes only. We cannot guarantee the accuracy or applicability of any of the information provided at globalbankingandfinance.com with respect to your individual or personal circumstances. Please seek professional advice from a qualified professional before making any financial decisions. Globalbankingandfinance.com also links to various third party websites and we cannot guarantee the accuracy or applicability of the information provided by third party websites. Links from various articles on our site to third party websites are a mixture of non-sponsored links and sponsored links. Only a very small fraction of the links which point to external websites are affiliate links. Some of the links which you may click on our website may link to various products and services from our partners who may compensate us if you buy a service or product or fill a form or install an app. This will not incur additional cost to you. A very few articles on our website are sponsored posts or paid advertorials. These are marked as sponsored posts at the bottom of each post. For avoidance of any doubts and to make it easier for you to differentiate sponsored or non-sponsored articles or links, you may consider all articles on our site or all links to external websites as sponsored . Please note that some of the services or products which we talk about carry a high level of risk and may not be suitable for everyone. These may be complex services or products and we request the readers to consider this purely from an educational standpoint. The information provided on this website is general in nature. Global Banking & Finance Review expressly disclaims any liability without any limitation which may arise directly or indirectly from the use of such information.

Singapore’s Flexible Office Market set to see further growth

Singapore’s flexible office market grew by 22% last year, outstripping the growth of mature markets in Sydney, San Francisco and London, making it the third fastest growing market after Melbourne and New York, according to global flexible workspace specialists The Instant Group.

Desk rates are set to increase as demand continues to grow, but with an average desk cost of $558 in Singapore, businesses are easily able to secure office space in some of the most coveted areas of this key global market.

Last year, Instant research revealed that co-working and hybrid space in Singapore had increased four times in size in four years, making the country a strong part of overall APAC market growth.

As a key urban location in the Asia Pacific region with desk rates significantly lower than other key cities like Shanghai and Hong Kong, and a massive 57% cheaper than New York, Singapore is set to see even further growth as new operators set up in key locations.

This year, the flexible workspace market in Singapore has already seen a 17% increase in the number of centres offering co-working, flexible and hybrid office space. Despite a massive 33% rise in flexible centres in North Singapore, over 90% of flexible workspace centres are still located in Singapore’s CBD, with 200 centres currently operating in Central.

In general, the economy performed well in Singapore during 2017, with service industries such as finance and transport among the main drivers of growth. Many companies are based within the Central area, but the government is planning on creating new business zones outside of the central district. Towards the East, there is a gradual extension from the core city, with the airports in that area making it a natural hub for the aviation sector.

This year, demand for serviced offices has outstripped the dominant hybrid space market, with a 48% increase overall for serviced compared to 34% for hybrid.

Average Desk Cost in Singapore

Please note all figures in Singapore Dollars

AreaAverage Desk CostNumber of Centres
North-East Singapore$3001
East Singapore$54220
West Singapore$6067

Singapore’s Office Market

The global flexible office market is growing as more businesses step away from traditional office space and lengthy leases and move towards more agile ways of working, flexible leases and improved networking opportunities.

Research by Instant Offices, which collates more than 20 years of data, shows businesses can save up to 73% by choosing flexible office space over conventional leased space in the world’s major cities. They are also able to set up in prime locations that may otherwise be inaccessible.

And with larger companies seeing the benefits, demand continues to grow. The proportion of office space occupied by flexible workspace in Singapore is projected to steadily increase as more operators try to meet this demand.

Centre Growth YoY

AreaGrowth  2016 vs 2017ServicedCo-workingHybridOther
N.E. Singapore33%50%25%25%0%
East Singapore0%80%0%20%0%
West Singapore0%83%0%17%0%

The Instant Group: Flexible Workspace Specialists

The Instant Group is the global flexible workspace specialist. Underpinned by unrivalled expertise, Instant tailors unique solutions to help businesses of all sizes to grow, drive savings or gain invaluable insight. Established in 1999, The Instant Group has achieved 23% compound growth over the past four years and continues to expand with private equity funding secured from MML Capital in 2012. With offices in London, Berlin, Dallas, New York, Hong Kong and Sydney, The Instant Group employs more than 100 experts and has clients in 113 countries. For more information, visit www.theinstantgroup.com.

Cost Per Desk Singapore - Instant Offices Infographic
Cost Per Desk Singapore – Instant Offices Infographic