by Cheryl Tay Demand for flexible workspace remains steady not only in the traditionally popular CBD but also in the suburbs.
In fact, Regus will soon open a Regus Centre in Tanjong Pagar and the Marina Bay Financial District (pictured), while Australian-based Servcorp is now in talks to invest in 11,000 sq ft of Grade A real estate off the CBD area.
Suzie Martin, General Manager, Southeast Asia at Servcorp, said, "One of the reasons we are moving into the suburbs is because there are now more Grade A buildings there, so you're not sacrificing that level of facilities and amenities even though you are going to a non-CBD area."
Although serviced and virtual offices are not new concepts, they have been getting more popular of late, given the demand for flexible working spaces.
A 2011 study by Regus revealed that 80 percent of Singaporean companies are now offering part of their workforce some flexible working space, as this enhances work-life balance (80 percent), staff productivity (40 percent) and the ability to attract and retail skilled staff (20 percent).
William Willems, Regional Vice-President for ANZ and SE Asia, commented, "Recent studies show that 81 percent of businesses globally already offer some form of flexible working and 60 percent believe that flexible working practices, whether related to office hours or location, are more cost efficient than fixed office working."
He added that the fast-changing work ethic for workers around the world pushes them to adapt to specific locations. "They still need places to congregate, socialise, and stimulate their thinking, but whether an office space needs to be assigned to an individual for their exclusive use is becoming highly questionable."
Foreign investors more keen on commercial units
CDL's Q1 profit down 44.5%
Global real estate markets to recover slowly: JLL