Malaysia has surpassed Hong Kong in flexible office space according to The Instant Group’s new report.
The report revealed that Malaysia has seen its third consecutive year of significant growth, with Hong Kong’s flexible office growth slowing down in recent years. Just last year, Kuala Lumpur, Sydney, Singapore and Jakarta overtook Hong Kong as well.
Additionally, the report pointed out that among the top 20 cities in the region, 60% saw double-digit growth in supply in 2019. Even more, supply for all types of flexible workspaces grew over 19% just in the past 12 months in the region.
Despite the pandemic causing uncertainty among the flexible office market, experts are predicting that the industry could actually benefit from companies looking for new workplace strategies in the coming months.
“The trends that we expect to see during 2020 will no doubt be very different to what the industry has seen in the past, but the long-term future still looks very healthy,” said Sean Lynch, managing director of The Instant Group Asia-Pacific. “As businesses, we face challenges that are outside of our control, but with the fierce competition growing across the region, this can only give more options to our clients and push us all to evolve.”