Flexible workspace demand jumps 37%

Demand was driven by tech companies.

The demand for flexible office space grew 37% in 2021 led by tech companies leasing into flex spaces, research by workspace innovation company, The Instant Group, showed.

Based on the research, demand for flex space from tech companies alone increased by 14% last year following expansions of tech giants such as Amazon in Citigroup’s office space in Asia Square Tower 1, TIkTok in ORQ, and Twitter in CapitaGreen.

Instant said the increased workstation demand came as companies reconsider their working strategies.

“Large corporate occupiers [are] shifting from traditional leases into flexible space through enterprise solutions,” the company added.

Instant said it expects demand for flexible workspaces will grow further in 2022 as “ companies strive to find a solution to unify office and remote working and provide their employees with increased choice of where to work.”

“With demand increasing, more supply may be needed in the market to keep up,” they added.

Meanwhile, Instant said it expects prices of flex spaces in downtown Singapore to reach upwards of $900 per workstation over the next six to 12 months.