Stagnant growth plagues Singapore's workspace market

Demand for flexible workspace in Singapore has increased by only 1% since 2019, indicating a stagnant market.

"Occupiers are focused on controlling costs and driving for the best value for money from their assets. Companies in the finance, legal, shipping and tech sectors continue to focus on the CBD for their flexible office needs," The Instant Group reported. In Suntec, the report explained that heightened demand for flexible space and a supply shortage are driving rates upwards. The desk rate in Suntec has risen 24% since 2019, at $949.within Suntec"may also result in rent increases for flex operators during their renewal terms, which may also have a knock-on effect on desk rates."

Demand recovery drove rates up in One-north and Tampines, which saw rates grow by 2% to $661 and 6% to $599, respectively.

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