Flexible workspace demand up by 13% in 2021
There were a total of 4,595,973 firms registered last year.
As business registrations grew in 2021, demand for flexible workplaces went up by 13% in 2021 compared to pre-pandemic levels, data from real estate consultancy firm The Instant Group showed.
However, demand for flexible working spaces year-on-year decreased by 14% from 2021 to 2020.
The supply of flexible working areas increased by 10% in 2021 compared to 2019 whilst it went up by 6% compared to 2020.
Data from the Singapore government indicated that the number of firms registered in Singapore soared by 11% from 4,145,677 in 2019 to 4,595,973 in 2021. The count of companies registered went up by 5% in 2021 compared to 4,374,298 in 2020.
Per location, Downtown Singapore is the most expensive location of the four with $876 per month, whilst Tampines is the more affordable option at $613 per month.
Ana Olivares, director at The Instant Group Asia Pacific, explained that the workspace market from March 2020 to September 2021 remained flat compared to 2019 as the “spike of movement” occurred in the fourth quarter of 2021 with the relaxing of government restrictions.
Entrepreneurial activity in the market also boosted growth and increased demand for flexible workspace due to COVID-19, Olivares also noted.