Singapore's desk rent is 57% cheaper versus New York

Average desk space costs around US$472.

The Global Cities Report by The Instant Group released a study that analyses the trend on flexible working spaces in major cities across the globe.

Based on the study, renting in Singapore is 57% cheaper than in New York.

According to the Instant Group, the average desk space in Singapore is priced in at US$472. This makes Singapore the 14th most expensive place to rent a desk space in all the key cities included in the study.

Around 90% of these co-working centres are located in the central business districts in Singapore.

"There has already been a x4 increase in co-working space in the city, but further growth is expected for the second half of 2017 as new operators open locations within Singapore," the study noted.

Meanwhile, it is still cheaper to rent a space in Singapore than in Hong Kong, where average rents sit at US$616, fuelled by the increased demand for flexible space in a city that boasts some of the most expensive real estates in the world when it comes to the conventional office market. More so, businesses are realising the benefits of procuring flexible space to save money.