Demand for flexible workspaces to decline 28% YoY in 2023

Companies are now taking a  more measured approach to their workplace strategies, says The Instant Group.

The demand for flexible workspaces is weakening in Singapore and other markets in Asia-Pacific, data from The Instant Group showed.

For 2023, The Instant Group said demand for flexible workspaces in Singapore will likely decline by 28% YoY, with the number of flex desks dropping from above 8,000 to around 6,000.

The 2023 demand, however, is still 41% higher than 2019 levels.

“During parts of COVID-19, as well as post-pandemic, we saw a knee-jerk reaction to the need for immediate change, which resulted in high demand for flexible workspaces,” The Instant Group reported.

“The historic levels that we saw are now stabilising as companies take a more measured approach to their workplace strategies,” it added.