Singapore is third most expensive flex office location globally

By Nadine Yong
/ EdgeProp Singapore |
Workthere: Singapore’s flexible office desk space is the third most expensive in the world, after New York and San Francisco (Photo: Samuel Isaac Chua/EdgeProp Singapore)
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SINGAPORE (EDGEPROP) - At an average of US$834 ($1,135) per month, Singapore’s flexible office desk space is the third most expensive in the world.
This is the most expensive after New York at US$961 ($1,308) and San Francisco at US$950 ($1,293), according to a ranking of monthly private office desk price by Workthere, a flexible office brokerage service provider under Savills.
The figures reflect that occupiers are gravitating towards the best flexible spaces, says Griffin Foley, northeast lead, Workthere Americas.
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“The flexible market is now dominated by high quality spaces because occupiers are focused on cultivating an updated office strategy around a space employees want to be in, and in an environment that enhances their desired culture,” he adds.
Businesses are also seeking locations near subway stations to make it more convenient for their employees and to cut commuting time, according to Foley.
“We have seen a strong recovery in average rates the last few months as more people start to return to the workplace and due to Singapore’s increasing popularity among start-ups,” says Ashley Swan, executive director of commercial leasing at Savills Singapore.
Supply in Singapore remains relatively tight as vacant seats are being snapped up quickly, notes Swan. “Delays in construction mean that this trend is likely to continue for the foreseeable future,” he adds.
In fourth place is London with US$803 ($1,093) per desk per month, followed closely by Berlin at US$800.
Hong Kong, once the world’s most expensive office market, fell to seventh place at US$793 ($1,079). According to Savills, in January, office supply in Hong Kong had outstripped demand, resulting in a decrease in rents and an increase in concessions to attract tenants.
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