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Demand for Flexible Workspace in Asia-Pacific has Outstripped Global Markets
Over the past 12 months, the flexible workspace market has grown faster in the Asia-Pacific region than any other destination in the world, according to Instant’s APAC Flexible Workspace 2018 report. Supply of flex centres across top locations has grown consistently above 15%, with the only inhibitor to growth being a lack of available space for expansion.
Of the ten largest global markets for flexible office space, which incorporates co-working, executive suites, serviced offices and hybrid space, six now fall within Asia-Pacific. Growingdemand from clients has seen the supply of space increase by 16%over the last year, with an estimated 8,600 centres now offering flexible office solutions across the region.
Supply of flex space has increased by more than 50% in many localised markets across the Asia-Pacific region. This rate of growth has been driven by a dynamic mix of established, local operators, and international entrants, with landlords and developers keen to cater for a surge in demand.
Hong Kong remains the largest city for flex workplace with 340 centres identified. Despite its market maturity and size, growth levels in Hong Kong remain some of the highest across Asia, with a 19% increase in centre numbers over the last year.
Bangalore, Singapore and Melbourne also saw a 19%+ increase in the supply of new centres. More than 50 flexible workspace locations have opened in Ho Chi Minh City in the past six months, with supply growing by more than 30% in the last year.
Instant’s data shows that, despite rapid growth, the market is seeing significant occupier demand to more than match this additional supply of space. This year, the number of individuals placed into flexible locations across the APAC region has increased by over 40%, when compared to the previous year.
With such rapid expansion of flex space in a short amount of time, start-ups and international firms have an excellent opportunity to set up in key central locations of what is traditionally known as one of the most expensive markets for office space in the world.
Sean Lynch, Managing Director, Instant Asia-Pacific, said: “Businesses are quickly realising that flex provides a versatile and agile workspace in very central locations. This growth in demand across the APAC region has encouraged many operators to expand rapidly.
“The increase in the supply of flex space has risen in response to the market demand for project-orientated, location-specific requirements and, as it has done so, clients have begun to relish their exposure to the added benefits of flex space environments such as access to wider business communities, exceptional amenities and proximity to city centre locations.”
Using proprietary data and insights from having sold in the region for more than ten years, the new report presents the first comprehensive review of Asia-Pacific’s flexible workspace market, key areas, and its future. The full market review can be downloaded here.