Singapore is third most expensive flex office location globally
SINGAPORE (EDGEPROP) – Hong Kong, once the world’s most expensive workplace market, dropped to seventh place at US$ 793 ($1,079). According to Savills, in January, office supply in Hong Kong had outstripped need, causing a reduction in rents and also an increase in giving ins to draw in tenants.
Services are also looking for areas near metro stations to make it more convenient for their employees as well as to cut commuting time, according to Foley.
“We have actually seen a strong recovery in average rates the last couple of months as even more people begin to go back to the work environment and as a result of Singapore’s enhancing appeal amongst start-ups,” says Ashley Swan, executive director of commercial leasing at Savills Singapore.
“The flexible market is now controlled by excellent quality areas due to the fact that inhabitants are focused on growing an updated workplace approach around a space staff members intend to be in, as well as in an atmosphere that improves their preferred society,” he adds.
At an average of US$ 834 ($1,135) monthly, Singapore’s flexible office desk area is the third most costly globally.
Supply in Singapore remains relatively limited as vacant seats are being got promptly, notes Swan. “Hold-ups in construction mean that this trend is most likely to continue for the foreseeable future,” he includes.
The numbers reflect that occupants are moving in the direction of the very best flexible areas, claims Griffin Foley, northeast lead, Workthere Americas.
In fourth place is London with US$ 803 ($1,093) per workdesk each month, followed closely by Berlin at US$ 800.
This is one of the most expensive after New York at US$ 961 ($1,308) and also San Francisco at US$ 950 ($1,293), according to a position of month-to-month private office desk rate by Workthere, a versatile office brokerage firm company under Savills.