Flex Spaces In Asia Pacific To Continue Growing In 2020
According to JLL, investments into Asia Pacific real estate has reached $125 billion in the first three quarters of 2019 and is expected to continue growing into 2020.
“Real estate in Asia Pacific has gained favour in the last year as investors continue to seek high yields and stability amid a climate of geopolitical uncertainty and slowing economic growth,” said Stuart Crow, CEO of Capital Markets Asia Pacific at JLL.
The office sector has played a huge role in driving up rents for premium offices, particularly in tech-driven cities such as Beijing, Singapore and Tokyo. In fact, Crow said that Beijing is expected to be a hotspot for investors next year since it is home to the most amount of unicorns other than Silicon Valley.
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Flexible spaces are also expected to expand in gateway cities like Singapore, Tokyo and Sydney. Crow explains that some landlords and developers will maintain partnerships with coworking firms, while others start their own flexible office offerings.
A 2018 JLL survey of 560 corporate real estate firms found that collaborative and agile workspaces will likely increase to around 30% of the global commercial property portfolio by 2020.
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