COMMERCIAL PROPERTY | Staff Reporter, Singapore

Takeup of flexible workspaces jumped 42% in 2017

Marina and City Hall won the most deals for co-working spaces.

All in all, 2017 saw a continuation of 2016's strong momentum in flexible workspace take-up. Total square footage across Singapore leased by flexible workspace providers grew by 42% to 2.1 million sqft in 2017, Colliers International revealed.

According to its office outlook, this is a remarkable expansion given 2016's already eye-catching growth rate of 29%.

The year 2017 rounded off with further net absorption by flexible workspace operators, with deals in the Marina/City Hall locality headlining the quarter.

JustCo took up four retail floors totalling 57,000 sqft at Marina Square. In its first foray into the CBD, China-based flexible workspace operator Ucommune leased 14,380 sq ft at Suntec Tower 2.

US-based WeWork also announced an early pre-commitment of 40,000 sqft at the upcoming Funan mixed-use development, which is slated for completion in 2019.

For 2018, growth rate is poised to hit least 25% YoY, given that a number of flexible workspace operators are still searching for several locations apiece. 

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