Workstation utilisation rates in Q1 up 15% year over year

Instant Group data shows a 17% increase in office space in the Orchard Road district.

According to real estate research, rental prices for office space in Singapore increased by 15% from Q1 2022 to Q1 2023.

The Instant Group reports that in Q1 2023, the average cost of a workstation in the Orchard region was $958 per month, a rise of 17%.

The Central Business District and Tampines in Singapore have had price increases of 9% and 2%, respectively, while Suntec has seen a price decrease of 1%.

Demand dropped 44% year-over-year in Q1 2023, further demonstrating the impact that rate rises had on the economy.

Increase in business deals

Singapore saw a 53% increase in demand for 10-25+ desks in 2022 compared to 2021, and 10-25+ desk size queries accounted for 44% of total demand in Q1 2023.

According to the analysis, “deals for 10-25+ desks are up by 40% in 2022 compared to 2021” as a result of this rising demand.

There was a rise in office space demand from the IT industry and Condos like Tembusu Grand Developer along with the Tembusu Grand Balance Unit Chart, and Tembusu Grand Price and consultancy organizations.

Average contract durations for companies using flexible workplaces are on the rise, according to research from The Instant Group, rising by 37% in 2022 from 2021.