The flexible space sector is growing rapidly in Asia Pacific. According to CBRE, the APAC flexible space sector increased 46% (by square footage) in 2018. As of Q1 2019, the total size/volume of flexible space reached 54 million sq. ft. in the 17 APAC cities that CBRE tracks.
Below we rank the top 10 flexible space markets in APAC and break down how they stack up in terms of the overall percentage of the total office market.
In addition to the 10 markets below, markets to watch include Bangkok and Ho Chi Minh City, which saw their flexible space footprints grow more than 80% year-over-year in 2018, as did Mumbai, Delhi NCR and Seoul.
“We expect flexible space operators, particularly international ones, to remain as a key driver for office space demand in Asia Pacific,” said Sidharth Dhawan, CBRE’s Agile Real Estate Leader, Asia Pacific. “These operators are re-defining their expansion strategy in 2019, focusing on customizing enterprise solutions and building creative partnerships with landlords.”