Singapore is third most expensive flex office location globally

SINGAPORE (EDGEPROP) – Hong Kong, once the world’s most costly office market, dropped to 7th spot at US$ 793 ($1,079). According to Savills, in January, workplace supply in Hong Kong had actually outstripped need, resulting in a decrease in leas as well as a rise in giving ins to draw in occupants.

The numbers mirror that occupiers are being attracted in the direction of the best versatile rooms, states Griffin Foley, northeast lead, Workthere Americas.

In fourth place is London with US$ 803 ($1,093) per desk each month, followed closely by Berlin at US$ 800.

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“The flexible market is now controlled by excellent quality spaces due to the fact that occupiers are concentrated on cultivating an upgraded office strategy around a room employees intend to be in, and in an environment that boosts their desired culture,” he adds.

At an average of US$ 834 ($1,135) per month, Singapore’s flexible office workdesk area is the third most pricey worldwide.

Supply in Singapore continues to be relatively tight as uninhabited seats are being bought promptly, notes Swan. “Delays in construction mean that this fad is most likely to proceed for the direct future,” he adds.

Companies are also looking for places near train terminals to make it more convenient for their employees as well as to reduce commuting time, according to Foley.

“We have actually seen a solid recovery in typical prices the last few months as more people begin to go back to the workplace and as a result of Singapore’s boosting popularity among startups,” says Ashley Swan, executive supervisor of commercial leasing at Savills Singapore.

This is the most expensive after New York at US$ 961 ($1,308) as well as San Francisco at US$ 950 ($1,293), according to a ranking of monthly exclusive office desk price by Workthere, a versatile workplace brokerage service provider under Savills.