Singapore is third most expensive flex office location globally
SINGAPORE (EDGEPROP) – Hong Kong, sometime the world’s most expensive office market, dropped to seventh place at US$ 793 ($1,079). According to Savills, in January, office supply in Hong Kong had actually overtaken demand, resulting in a decline in rents as well as a boost in concessions to draw in tenants.
Supply in Singapore stays relatively limited as vacant seats are being grabbed swiftly, notes Swan. “Delays in construction mean that this trend is most likely to proceed for the foreseeable future,” he adds.
Organizations are also looking for locations near subway stations to make it more convenient for their staff members and to reduce commuting time, according to Foley.
“We have actually seen a solid healing in average prices the last few months as even more individuals start to return to the work environment as well as a result of Singapore’s boosting appeal amongst start-ups,” says Ashley Swan, executive supervisor of industrial leasing at Savills Singapore.
In 4th place is London with US$ 803 ($1,093) per workdesk monthly, followed closely by Berlin at US$ 800.
The numbers show that occupiers are gravitating in the direction of the best adaptable spaces, claims Griffin Foley, northeast lead, Workthere Americas.
This is one of the most expensive after New York at US$ 961 ($1,308) and San Francisco at US$ 950 ($1,293), according to a ranking of month-to-month exclusive office desk rate by Workthere, an adaptable workplace brokerage firm service provider under Savills.
At an average of US$ 834 ($1,135) each month, Singapore’s adaptable workplace workdesk room is the 3rd most expensive worldwide.
“The adaptable market is now dominated by top quality spaces since occupiers are focused on cultivating an updated office strategy around a room workers intend to remain in, and also in an atmosphere that enhances their desired society,” he adds.