Singapore's flexible office market jumped 17%

Average desk rates hit $558.

The flexible workspace market in Singapore grew by 17%  to 228 centres offering co-working, flexible, and hybrid office space, The Instant Group revealed.

According to its Global Cities Report, businesses are easily able to secure office space in some of the most coveted areas of Singapore as average desk rates hit $558.

The study further revealed that the number of flexible centres in North Singapore jumped by 33%. There were 20 centres in East Singapore with an average desk rate of $542 and seven centres in the West of the city with rates of $606.

Still, over 90% of flexible workspace centres are in the CBD, with 200 centres currently operating in Central.

"In general, the economy performed well in Singapore during 2017, with service industries such as finance and transport among the main drivers of growth. Many companies are based within the Central area, but the government is planning on creating new business zones outside of the central district," the firm said.

Towards East Singapore, there is a gradual extension from the core city, with the airports in that area making it a "natural" hub for the aviation sector, it added.

This year, demand for serviced offices has outstripped the dominant hybrid space market, with a 48% increase overall for serviced compared to 34% for hybrid. 

Desk rates significantly are still lower than other key cities like Shanghai, Hong Kong, and New York. The Instant Group said Singapore is set to see even further growth as new operators set up in key locations.