Asia-Pacific’s Flex Office Market Is Staying Persistent
The Asia-Pacific flexible office industry has surprisingly stood relatively strong over the past 12 months according to The Instant Group’s recent data. With client demand remaining persistent, the market in Asia-Pacific has an optimistic future.
Flexible workspace supply grew by 19% over the past year, which marked the third consecutive year of high growth. This has brought the total number of flexible workspaces to 10,000 in the region.
“A trend that started with younger workers looking for short-term, flexible space has become a key tool for businesses of all sizes and is a trend that we predict will only grow in momentum across the Asia-Pacific region in the coming months as those companies that have expiring leases look at ways to future proof their workplace strategy,” said Sean Lynch, Managing Director of the Instant Group in Asia-Pacific.
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In fact, 60% of the top 20 cities in the region saw double-digit growth in supply in 2019. Still, certain cities have seen slow growth in more recent months due to lockdowns. However, these obstacles are short-term problems and as businesses begin to open, demand is starting to pick back up.
While the industry as a whole will be able to weather this storm, smaller providers may not, which will likely lead to a dip in anticipated investment levels. Regardless, competition is expected to remain strong and many established operators will have the opportunity to evolve in the coming years.
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