The total number of office space that is flexible across the Asia Pacific region reached 87 million square feet in March, which is the 6% rise over September 2022, according to a report from CBRE.
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Flex office space had occupied approximately 4% of the overall regional office inventory by 1Q2023’s end. In addition, the percentage of spaces flex-based that are located in Grade A office space was also up, going to 3.1% in 3Q2022 to 3.5% in 1Q2023. This is due to the increasing demand from operators of flex spaces looking to upgrade their facilities to Grade A structures, says CBRE. The top three regional users of flexible office space are companies in the field of technology (35%), business services (16%), and finance-related firms (12%).
In Singapore the percentage of flex office usage in the office market overall is around 5.4%, which translates to around 4 million sq ft of city state. CBRE states that the ongoing uncertainty in the economy has increased the importance of portfolio flexibility, and triggering an increased focus on cost management, which is driving occupier to seek out flexible space.
Based on a poll of office owners in the region More than half respondents feel that the percentage of office spaces that are flexible in their portfolios isn’t being properly allocated and they plan to make more utilization of it in the upcoming months.
The report from CBRE says that tech companies continue to be the largest users of flexible office space this year. In addition, concerns about capital expenditure have led to a rise in demand for specialized workspaces. Also, there is a growing demand for event spaces as well as access to offices. Workstations on-demand (pay per usage) options are predicted to grow this year.