Four flexible workspace operators entered Orchard Road in H1
They occupy a total of 70,000 sq ft in the premier shopping district.
Flexible workspace operators are getting more interested in expanding within the Orchard Road micro-market, data from Colliers International Research found.
According to their study, Singapore’s premier shopping district recorded four new flexible workspace leases over H1 2018. Amongst them were The Great Room at Ngee Ann City Tower B which is measures about 15,000 sq ft.
Also included in the deals are JustCo leasing some 16,000 sq ft at Macdonald House, and Spaces' new location spanning 35,000 sq ft at TripleOne Somerset. Meanwhile, newbie flexible workspace player CoCRE8 leased about 6,200 sq ft of office space at the International Building.
“All the above deals marked each respective operator’s first foray into the Orchard Road micro-market,” Colliers International noted.
“Looking ahead, we anticipate the growth rate in Orchard Road and Beach Road to be slightly higher than the rest of the CBD, as operators ramp up
their presence there from a relatively lower base,” they added.
According to Colliers International, the highest concentration of flexible workspace remains in the Raffles Place, New Downtown and Shenton Way, and Tanjong Pagar micro-markets.