Market Size of Bahrain Flexible Office Space Industry
Study Period | 2020 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Historical Data Period | 2020 - 2022 |
CAGR | 8.00 % |
Market Concentration | Low |
Major Players*Disclaimer: Major Players sorted in no particular order |
Bahrain Flexible Office Space Market Analysis
The Bahrain flexible office space market is expected to grow at a CAGR of over 8% during the forecast period of 2022-2027.
Despite the negative market effects of COVID-19, research indicates that flexible office spaces will likely grow in popularity in Bahrain as a result of the pandemic. As companies try to figure out how to handle in-office work post-pandemic, landlords and developers across the country are dealing with rising vacancy rates and declining asking rents. Low-end offices have struggled to compete the most with a 10.1% rental price decline y-o-y in Q3 2020. It must be noted that the lower end of the market has witnessed rental rates similar to those offered in the industrial market which highlights the stress level the market is facing.
In Bahrain, the start-up scene is exploding, and there is an incredible support network and ecosystem for new businesses. Bahrain has a strong entrepreneurial culture, which is bolstered by Tamkeen, the government-funded business support system. In addition to co-working spaces, there are a number of other accelerators and incubators that provide assistance. These are typically for start-ups that have received funding.
In the region, flexible office spaces, such as co-working, are still in their early stages. Some major global brands have yet to enter the market, while others have yet to launch full-service offerings. On the other hand, occupants are thinking about the regulatory and other implications of flexible spaces on their daily operations.
Occupiers are expected to analyze their office requirements with a strong probability of downsizing as more flexible working conditions are offered to employees.
Bahrain Flexible Office Space Industry Segmentation
Flexible office space is a type of workspace designed to provide employees with a variety of different places and ways to work. Unlike traditional offices with fixed and assigned desk positions, workers in a flexible office space can choose the area of the office that best suits the type of work they need to do at that moment. Bahrain flexible office space market is segmented by Type (Private offices, Co-working space, Virtual offices, Others), by Application (IT and communications, Media and entertainment, Retail, Consumer goods, Others), and by Cities (Manama, Riffa, Muharraq, Hamad Town and Other Cities). The report offers market size and forecasts for Bahrain flexible office space market in value (USD Billion) for all the above segments.
By Type | |
Private offices | |
Co-working space | |
Virtual offices | |
Others |
By Application | |
IT and communications | |
Media and entertainment | |
Retail | |
Consumer goods | |
Others |
By Cities | |
Manama | |
Riffa | |
Muharraq | |
Hamad Town | |
Other Cities |
Bahrain Flexible Office Space Market Size Summary
The Bahrain flexible office space market is poised for significant growth, driven by the increasing demand for adaptable work environments in the post-pandemic landscape. Despite the challenges posed by COVID-19, such as rising vacancy rates and declining rents, the market is expected to expand as businesses reassess their office needs and embrace more flexible working conditions. The burgeoning start-up ecosystem in Bahrain, supported by initiatives like Tamkeen and various accelerators, is a key factor in this growth. The country's strong entrepreneurial culture and high internet penetration rate further bolster the demand for flexible office spaces, as more companies seek innovative solutions to meet their evolving operational requirements.
The market landscape is characterized by a mix of local and international players, with companies like Regus, Savills, WeWork, and Servcorp leading the charge. The fragmentation of the market is anticipated to increase as independent firms continue to develop new spaces. Bahrain's strategic initiatives, such as the Economic Vision 2030 and the Digital Government Strategy 2022, underscore the government's commitment to digital transformation and infrastructure development, which are crucial for supporting the flexible office space market. Additionally, advancements in connectivity, including the rollout of 5G, are expected to enhance remote working capabilities, further driving the adoption of flexible office solutions. Collaborations between key stakeholders, such as Bahrain FinTech Bay and Al Tamimi & Company, highlight the ongoing efforts to strengthen the market and align with regional leadership goals in the MENA region.
Bahrain Flexible Office Space Market Size - Table of Contents
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1. MARKET DYNAMICS AND INSIGHTS
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1.1 Market Overview
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1.2 Market Dynamics
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1.2.1 Drivers
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1.2.2 Restraints
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1.2.3 Opportunities
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1.3 Value Chain/Supply Chain Analysis
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1.4 Industry Attractiveness - Porter's Five Forces Analysis
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1.5 Current Economic and Flexible Office Space Market Scenario
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1.6 Technological Innovations in the Flexible Office Space Market
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1.7 Impact of Government Regulations and Initiatives on the Industry
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1.8 Impact of Remote Working on Space Demand
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1.9 Insights into Flexible Office Space Construction Costs
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1.10 Insights into Key Flexible Office Space Industry Metrics (Supply, Rentals, Prices, Occupancy (%)/Vacancy (%))
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1.11 Insights into Rents, Leasing, and Rental Yields in the Flexible Office Space Segment
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1.12 Insights into Key Trends on Rental and Leasing
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1.13 Impact of COVID - 19 on the Market
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2. MARKET SEGMENTATION (market size by value)
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2.1 By Type
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2.1.1 Private offices
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2.1.2 Co-working space
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2.1.3 Virtual offices
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2.1.4 Others
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2.2 By Application
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2.2.1 IT and communications
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2.2.2 Media and entertainment
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2.2.3 Retail
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2.2.4 Consumer goods
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2.2.5 Others
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2.3 By Cities
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2.3.1 Manama
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2.3.2 Riffa
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2.3.3 Muharraq
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2.3.4 Hamad Town
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2.3.5 Other Cities
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Bahrain Flexible Office Space Market Size FAQs
What is the current Bahrain Flexible Office Space Market size?
The Bahrain Flexible Office Space Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in Bahrain Flexible Office Space Market?
Regus, Servcorp, Diwan Hub, Space340 and Letswork are the major companies operating in the Bahrain Flexible Office Space Market.