Asia Pacific Flexible Office Market Size (2024 - 2029)

The Asia Pacific flexible office market is poised for growth, with its market size expanding despite challenges such as political unrest and the COVID-19 pandemic. The region's flexible workspace sector, although relatively young, has experienced consistent growth over the past three years, with a significant increase in the supply of coworking and serviced office spaces. This growth trajectory positions the Asia Pacific market to potentially surpass more mature markets in Europe and the US. Demand for flexible office spaces is rebounding, returning to pre-pandemic levels, and is increasingly recognized as a viable long-term real estate strategy across various industries.

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Market Size of Asia Pacific Flexible Office Industry

CAGR Growth
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 4.00 %
Market Concentration Low

Major Players

Asia Pacific Flexible Office Market Major Players

*Disclaimer: Major Players sorted in no particular order

APAC Flexible Office Market Analysis

The Asia Pacific Flexible Office Market is anticipated to register a CAGR greater than 4% during the forecast period.

Despite a backdrop of political unrest and uncertainty driven by COVID-19, the Asia-Pacific flexible office market has remained strong over the past 12 months. According to the latest research, the industry is in a good position to benefit as companies across the region adjust their office strategies. Despite its relative immaturity, the APAC flexible workspace market has seen three years of successive growth and is now home to nearly 10,000 centers for flexible workspace. Supply of space, which includes coworking, serviced offices, and space as a service, increased by 19% in 12 months, putting the region on track to outpace more established markets in Europe and the US.

About 60% of the top 20 Asia-Pacific cities saw double-digit growth in flexible office space supply last year. Research shows demand for flexible workspace is returning to pre-COVID-19 levels. In the first quarter of 2020, six percent of all the office stock in Delhi was flexible office space. Comparatively, two percent of all the office stock in both Auckland and Guangzhou was flexible office space in the first quarter of 2020. Although the growth of flexible office space has slowed in recent years, it is now firmly established as a strategic long-term real estate solution for a wide range of office occupying industries. The future offices intend to increase their use of flexible space in the coming years.

APAC Flexible Office Industry Segmentation

Flexible workspace is also known as shared office space or flexispace. This type of office space is fitted with basic equipment, like phone lines, desks, and chairs, a setup that allows employees who normally work from home or telecommute to have a physical office for a few hours every week or every month.

Asia Pacific flexible officemarket report covers complete background analysis of the flexible workspaces, leased spaces spaces and co-working spaces market in different segments such as private offices and co-working spaces, which includes an assessment of the sector and contribution of the sector in the economy, market overview, market size estimation for key segments, key countries, and emerging trends in the market segments, market dynamics, and key events statistics. The report also covers the impact of COVID -19 on the market.

Asia Pacific Flexible office market is segmented By Offering (Private Offices Co-Working Spaces Virtual Offices), By Vertical (IT and Telecommunications, Media and Entertainment, Retail and Consumer Goods, and Others) and By Country (China, India, South Korea, and Rest of Asia-Pacific). The report offers market size and forecasts for the market in value (USD billion) for all the above segments.

By Offering
Private Offices
Co-Working Spaces
Virtual Offices
By Vertical
IT and Telecommunications
Media and Entertainment
Retail and Consumer Goods
Others
By Country
China
India
South Korea
Rest of Asia-Pacific
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Asia Pacific Flexible Office Market Size Summary

The Asia Pacific flexible office market is experiencing robust growth, driven by a shift in corporate office strategies and an increasing demand for adaptable workspaces. Despite challenges such as political unrest and the impacts of COVID-19, the region has shown resilience and is poised to surpass more mature markets in Europe and the US. The market, though relatively young, has seen consistent expansion over the past three years, with a significant increase in the supply of coworking, serviced offices, and space-as-a-service options. This growth is reflected in the substantial rise in flexible office space across major cities, with a notable recovery in demand returning to pre-pandemic levels. The sector is becoming a strategic long-term solution for various industries, including finance, technology, consulting, and professional services, which are increasingly seeking the agility and scalability that flexible workspaces offer.

The Asia Pacific region stands out as the largest coworking market globally, with a significant presence of coworking spaces in key cities such as Hong Kong, Singapore, Shanghai, Tokyo, Sydney, and Melbourne. The region's dynamic business environment, characterized by a surge in startups and unicorns, particularly in China and India, is fueling the demand for flexible office solutions. Southeast Asian cities like Kuala Lumpur and Jakarta also contribute to the competitive landscape with their diverse and cost-effective coworking offerings. The market is highly competitive, with numerous regional players expanding their footprints to meet the growing demand. Notable expansions in cities like Hong Kong and Sydney highlight the ongoing investment in flexible office spaces, catering to the needs of tech startups and established companies alike.

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Asia Pacific Flexible Office Market Size - Table of Contents

  1. 1. MARKET INSIGHTS

    1. 1.1 Current Market Scenario

    2. 1.2 Government Regulations and Initiatives

    3. 1.3 Technological Trends

    4. 1.4 Insights on Flexible Office Spaces Rent

    5. 1.5 Insights on co-working startups in APAC region

    6. 1.6 Insights on Office Space Planning

    7. 1.7 Impact of COVID-19 on APAC flexible office space market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Offering

      1. 2.1.1 Private Offices

      2. 2.1.2 Co-Working Spaces

      3. 2.1.3 Virtual Offices

    2. 2.2 By Vertical

      1. 2.2.1 IT and Telecommunications

      2. 2.2.2 Media and Entertainment

      3. 2.2.3 Retail and Consumer Goods

      4. 2.2.4 Others

    3. 2.3 By Country

      1. 2.3.1 China

      2. 2.3.2 India

      3. 2.3.3 South Korea

      4. 2.3.4 Rest of Asia-Pacific

Asia Pacific Flexible Office Market Size FAQs

The Asia Pacific Flexible Office Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

The Hive, JustCo, The Work Project, The Great Room and Garage Society are the major companies operating in the Asia Pacific Flexible Office Market.

Asia Pacific Flexible Office Report Snapshots

Asia Pacific Flexible Office Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)