Singapore has tripled its coworking footprint from 1.2 million square feet in 2015, to 3.7 million square feet.
It is now among the top six occupier sectors according to Colliers International, and expects that number to grow by 24% this year.
Colliers also found that the pace of growth might slow to 15% due to a higher base and tighter vacancies.
Overall, flexible workspaces account for 5% of the Central Business District’s (CBD) Premium and Grade A offices.
WeWork leads operators in the area with 850,000 square feet of space, followed by IWG at 640,000 square feet and JustGroup at 498,000 square feet of space. Altogether, these three operators take up 51% of total flexible office space in Singapore.
Tricia Song, a Colliers research head, said that Singapore is “one of the most mature” flexible office markets in Asia.
“We believe it will continue to advance and expand, given the still-low penetration rate of five per cent,” said Song.