Singapore is third most expensive flex office location globally
SINGAPORE (EDGEPROP) – “We have actually seen a strong recovery in average prices the last few months as even more individuals start to return to the office and as a result of Singapore’s boosting appeal amongst startups,” says Ashley Swan, executive supervisor of commercial leasing at Savills Singapore.
In fourth location is London with US$ 803 ($1,093) per desk monthly, followed closely by Berlin at US$ 800.
At an average of US$ 834 ($1,135) each month, Singapore’s versatile workplace desk area is the 3rd most costly in the world.
“The versatile market is currently controlled by high quality areas because occupiers are concentrated on growing an updated office approach around a room workers wish to remain in, and also in an environment that enhances their desired culture,” he includes.
This is one of the most expensive after New York at US$ 961 ($1,308) as well as San Francisco at US$ 950 ($1,293), according to a position of monthly exclusive office workdesk price by Workthere, an adaptable office broker agent service provider under Savills.
Hong Kong, once the world’s most expensive office market, fell to 7th spot at US$ 793 ($1,079). According to Savills, in January, office supply in Hong Kong had actually outstripped need, leading to a reduction in rents as well as an increase in concessions to attract tenants.
Supply in Singapore continues to be reasonably limited as uninhabited seats are being bought promptly, notes Swan. “Hold-ups in building mean that this trend is most likely to continue for the direct future,” he includes.
Companies are also looking for areas near subway terminals to make it easier for their employees as well as to reduce commuting time, according to Foley.
The figures show that occupiers are gravitating towards the most effective versatile rooms, claims Griffin Foley, northeast lead, Workthere Americas.