Flex space occupancy recovers to 'healthy level' in Q3 22

It rebounded from 50%-60% to 80%-90% on average.

The occupancy level at Singapore flexible space centres went up from 50%-60% on an average level in 2020 to 80%-90% in the third quarter (Q3) of 2022, CBRE Research showed.

The property research attributed the increase to reopening of borders and revival of back-to-office arrangements, which bolstered demand for these spaces.

"New models are emerging, with the management contract and partnership models becoming more popular as they benefit both landlords and flexible workspace operators," said CBRE.

But the rate of flex space organic expansion could slow down amidst uncertainties in the global economic outlook as well as conservative corporate real estate demand.

Tricia Song, CBRE head of research in Southeast Asia, revealed that 73% of respondents in Singapore used flexible space compared to 53% in  the Asia Pacific.

The demand from tech sector ramping up staff recruitment as well as workplaces moving to hybrid setup will benefit the flexible space sector, said David McKellar, CBRE's co-head of office services in Singapore.

"We continue to see an influx of new-to-market firms and considering the speed to market, capex neutrality and flexibility; flex spaces will serve as an attractive option,” said McKellar.

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