New report reveals high demand for Singapore’s flexible workspaces, up 25%, but lack of new supply.
Our 2023 Singapore Flexible Market Review reveals that the flexible office market has fully recovered from the Covid-19 slump, with demand increasing by 46% in 2022 compared to 2019. Demand for Singapore’s flexible workspaces was also up by 25% in 2022 compared to 2021 as businesses appear to have fully embraced hybrid working solutions with more and more firms encouraging employees to return to the office in some form.
Across the Asia Pacific region, Singapore received the largest number of enquiries for flex space in 2022 and is currently a close second behind Sydney in 2023. However, despite demand growing in 2022, supply of new stock has been slower, with an increase of just 3% over the same period (2022 vs 2021). This is a trend experienced by multiple countries across APAC whereby markets with the highest demand growth have also seen the poorest supply growth.
Download our full report to find out more.