Flexible workspace is no longer a disruptor, nor a complementary sub-sector to the office market. It is a fundamental part of the commercial real estate market and a sector in its own right, growing in size and importance to landlords and occupiers. The average flexible workspace leasing term is now over 24 months, up from 12 months in 2013, demonstrating that it is now competition to traditional office space.
This outlook report examines the key forces shaping the sector, together with operator, end-user and landlord insights and a market-by-market snapshot across key APAC cities.
2017 has been an unprecedented year as international operators began to penetrate the market and local operators expanded to the CBD. Prior to 2017, operators were smaller scale and predominantly located on the fringes of Jakarta’s CBD, occupying shophouses in trendy retail areas. Over 2017, this significantly changed with a spike in CBD uptake.
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