Rethinking Workspace

New York city is the second largest flexible office market globally with a wide mix of providers offering space. Rates vary dramatically across the city with some of the highest average rates per desk globally being achieved in the city. While the majority of supply exists in Manhattan in the last 12 months we have seen a move towards other boroughs such as Queens, Brooklyn and even Staten Island.

Singapore continues to see high levels of supply growth year on year with one of the largest flexible workspace markets in Asia found in the Island City-State. Singapore has long been a key business hub and with very limited office supply was a natural expansion ground for flexible working as providers looked to expand outside of their home markets. Because of this the share of large international operators is high across the city although niche coworking providers continue to pop up as the market develops.

Thanks to the tech boom in the city over the last decade the demand for high quality office space has been ever present. This meant that San Francisco was one of the first US cities to see a real flexible workspace industry. Rates remain some of the highest in the US and while larger companies are looking to create their own flexible environments the number of small companies looking to grow in the city creates continuous demand. Due to the cost of commercial real estate in the city we have more recently seen providers move out of the city core and into the wider bay area.

The real estate market across Asia Pacific continues to face significant challenges, but the flexible workspace market is showing resilience.

Shifting consumer expectations are driving digital transformation in commercial real estate. From the evolution of e-commerce models to subscription-based services and immersive experiences like VR, learn how technology is reshaping workplace experiences.

Across the UK, occupancy rates in 30,000+ sq. ft. spaces hit 89%, signaling potential shortfall in larger supply.

Embracing sustainability in flexible workspaces not only aligns with environmental concerns but also drives demand and enhances the overall workspace experience, making it a strategic imperative for workspace providers.

The Instant Group’s recently published EMEA State of the Flex Market report reveals that although workspace providers may be facing challenges, the region is well positioned for growth.