Singapore sees a drop in flexible office space demand: report

Market saturation and shifting priorities influence this decline.

Despite a 31% year-on-year (YoY) decrease in demand, Singapore remains amongst the top 10 cities in the Asia-Pacific (APAC) region for flexible office space in 2024, according to a report by The Instant Group.

Traditionally a leading market, Singapore experienced the steepest decline amongst the top cities, dropping to ninth place.

The decrease may reflect market saturation or shifting priorities amongst businesses looking to diversify into less expensive markets.

Meanwhile, the top markets included Sydney, Australia (-11% YoY), followed by Colombo, Sri Lanka (+7%), and Bangalore, India (+107%).

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