Singapore is the world’s 3rd priciest flexible office location

The Lion City’s average cost of a private office desk space is at $834 monthly.

Singapore is the world’s third most expensive flexible office location, with a monthly average cost of private office space at $834, website listing platform, Workthere, said.

In a press statement, Savills-backed Workthere said New York topped the list, which recorded a monthly average price of office space at $961. San Francisco came in second with $950 monthly average office space price.

After Singapore, London, UK ranked fourth with an average price of office space at $803, whilst Berlin, one of the fastest-growing European markets, ranked fifth with an average cost of $800. 

This was followed by Austin at $799, Hong Kong was at seventh place at $793, and Toronto, Canada at $791. Seoul, Korea landed the ninth spot at $776 followed by Paris, France at $773.

Berlin’s flexible market has limited supply with a vacancy rate of 3.5%. Its growth is triggered by the science, digital and technology sectors amidst the global health crisis.

Ashley Swan, executive director of commercial leasing in Savills Singapore, said there is strong recovery as workers return to their workplaces amidst increasing popularity amongst start-ups in Singapore. 

“As we wait for new centres to open progressively over the next few years, the market remains relatively tight with vacant seats being snapped up quickly. Delays in construction mean that this trend is likely to continue for the foreseeable future,” she added.