News

Commercial Property

Staff Reporter

, Singapore

Published:

6 years ago

Chart of the Day: Areas for flexible workspaces to grow 24% in 2019

Demand will be driven by multinationals and not just startups.

This chart from Colliers International projects that the net lettable area (NLA) growth of flexible workspaces will hit 24% in 2019, driven by new demand from multinational corporations and not just new startups.

Accordingly, the last three years saw a stellar growth of 36% CAGR in flexible workspace NLA. Nonetheless, Colliers believes that the sector will continue to advance and expand, given the still low penetration rate. Researchers forecast flexible workspace to grow 24% in 2019 driven by new demand from multinational corporations, not just new startups.

Also read: Flexible working operators to snap up 550,000 sqft of office space by end-2019

For 2020, NLA growth is expected to slow to 15% as vacancy tightens and also due to a higher base. Market dynamics are also projected to continue to evolve, as competition narrows due to the entrance of both global players and the persistence of conventional landlords, decentralisation, as well as continued consolidation of market players.

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