Flexible Spaces are Beating Traditional Offices in Affordability

The latest propriety data of real estate service firm Cushman & Wakefield and serviced office broker Instant Offices shows that businesses found in the world's major cities can save up to 73% in overhead costs if they opt for flexible workspaces than conventional office space solutions. Though the aforementioned study tagged Hong Kong as the most expensive city place to rent an office space in the world for its yearly rates of US$27,432 - nearly double the usual cost in other countries within Asia and 18% higher than that of its nearest global competitor, London - figures gathered by Instant from more than 20 years of flexible workspace listing reports that hot desks offered by coworking spaces and other serviced offices only costs US$7,607 per year.

Companies based in London can save more if they opt for the city's flexible workspaces with an average price of US$11,391 - 47% cheaper than the conventional workrooms costing around US$22,631. Experts predict that the market will remain highly competitive as the demand grows and providers' number increases. Managing director of Instant's EMEA group, John Duckworth, says that it's a common misconception amongst the majority that flexible spaces are much more expensive despite providing short lease terms and fully serviced offerings. He adds that based on their collated market data and their clients' testimonials regarding their experience in joining local markets, it's actually a practical, low-cost alternative.