Demand for flexible workspace rises 37% YoY in 2022

The rising demand pushed average rates up by 4%.

Average rates for flexible workstations in Singapore have increased by 4% YoY in 2022, thanks to the rising demand for such.

According to global workspace innovation firm, The Instant Group, the average rate for a desk in 2022 was 537 USD per month.

In 2022, demand for flexible workspace increased by 37% YoY, whilst supply only rose by 2% YoY.

Meanwhile, serviced offices saw a  3% increase, followed by hybrid at 2%. The supply of co-working spaces did not increase in 2022. 

READ MORE: Large operators to dominate flexible office market

“Singapore’s COVID restrictions eased in April 2022, allowing the workforce to return to the office. However, with traditional leases expiring, many corporates saw the opportunity and need to adapt their real estate strategies, often downsizing in favour 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 the market in Q1 2022 and with increased demand, operators seized the opportunity to increase rates, particularly for newly launched locations such as WeWork @ 21 Collyer Quay and The Work Project @ CapitaSpring,” added Olivares.