Top 10 Cities Are Most Expensive Flexible Offices In The World
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| Top 10 Cities Are Most Expensive Flexible Offices In The World |
The Instant Group (Instant), a global flexible workspace specialist helping clients procure and manage their offices in more than 2,280 cities across 153 countries, has released its annual Global Cities report analyzing the market for flexible workspaces - including co-working, serviced and hybrid centers – in the top 18 markets for flexible workspace around the world.
"The market for flexible workspace is becoming increasingly sophisticated as operators go after the corporate market. Requirements are being taken for longer, client demand is becoming more nuanced, and operators are responding because of their agile business models," explained Tim Rodber, CEO of the Instant Group. "Now we are seeing the market evolve outside of the CBDs of the leading cities."
The main reason? Occupiers want the highest quality office space, and real estate costs in these cities are not for the faint of heart.
In New York, a private office desk costs an average of $961 a month and $950 per month in San Francisco.
Three European cities were placed in the top ten, including London in sixth with $803 per desk a month, followed by Berlin at $800 a desk per month.
Which City Are Most Expensive Flexible Offices Rented 2022?
1. New York - $961
2. San Francisco - $950
3. Singapore - $834
4. London - $803
5. Berlin - $800
6. Austin - $799
7. Hong Kong - $793
8. Toronto - $791
9. Seoul - $776
10. Paris - $773
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Top 10 Cities Are Most Expensive Flexible Offices In The World
1. New York - $961
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| Photo: wework |
New York City is the most expensive big city in the world to rent a desk, according to a new report about flexible office space.
The city topped a list of the largest international central business centers for the cost of renting flexible office space, which usually offers shorter terms than a conventional lease and provides furnished space ready to use.
In New York, the monthly prices per person for a workstation in flexible office spaces averaged $1,110 for the 12 months ending February of this year, according to the report from the Instant Group, a company that finds and manages office arrangements for companies. San Francisco came in second, at $1,086.
Despite the high rental price, the number of New York City flexible office space locations, which includes co-working communal office space as well as private offices, grew to 330, a 24% increase between February 2016 and 2017, the report said. London had the most flexible office space locations, at 1,136.
2. San Francisco - $950
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| Photo: officesnapshots |
San Francisco and the surrounding Bay Area are home to some of tech's biggest companies, including Apple and Google. It's also home to a booming office letting market. Prices in the city grew by 8.2% in the first half of 2015.
San Francisco's priciest office rents are now on once-gritty Mission Street.
Companies renting space in offices on Mission Street are paying the highest rents in San Francisco for the first time. Office towers in the Transbay area are renting at the biggest premium in the city, according to a report by real estate services firm JLL. In past years when JLL surveyed the most expensive streets for office towers, buildings along the North Financial District’s California Street came out on top.
3. Singapore - $834
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| Photo: archello |
The tiny island nation has gone from "third world to first" in less than 50 years, according to Knight Frank. That transition has fuelled a high-priced office property market. Prices are up 1.2% so far this year.
For office rental in Singapore, commercial real estate agents will usually quote you the rent per square foot per month. If you enquire for an office space of 5,000 square feet, the office leasing agent may tell you that the office rental rate is $11.00 per square foot per month instead of $55,000 per month.
The office rental rates vary between buildings, locations, and districts. According to data released by the authority, in the first 3 months of 2021, the median rent for traditional office space in Singapore was between $2.51 and $7.95 per square foot per month with a total of 665 leases concluded. That means an average office space with 2,000 square feet will cost around $5,020 to $15,900 a month.
4. London - $803
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| Photo: officelovin |
London has become far-and-away the most desirable office location in the West. Having a currency that's not the euro helps. So does the flexible time zone. The culture is nice too. London's residential property market is one of the most competitive sectors in Europe, and its office market is now going wild as well. Prices went up 10.7% in the first six months of the year, more than in any other city on this list.
This metropolis and business hub for local and foreign-owned companies is ranked as one of the most expensive places to rent a desk in the UK.
The dynamism of the tech sector in London has been a key driver in the growth of coworking and mobile, digitally-fluent communities. The agile working characteristics of the tech sector in London have paved the way for coworking markets elsewhere, such as Bristol, Leeds, Manchester, and Birmingham.
5. Berlin - $800
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| Photo: officelovin |
Prices for serviced office space in Berlin range a great deal and become more expensive the closer to the city center you get. Typically prices will start from €900 per month for a two-person space in the city. Depending on location and requirements prices will vary, so it’s always worth getting in touch with us so we can explain more. When looking at serviced offices keep in mind that these costs usually cover a variety of amenities and as such can offer great value for money.
As of 2017, there were 19.5 million square meters of office space for rent in Berlin, so you’d hope you can find something suitable in there somewhere. As always the costs vary, depending heavily on location as well as type of building, proximity to transport, etc. The most dynamic areas are Mitte and the south side of the city like northern Neukölln, Kreuzberg, Tempelhof, through to Schöneberg, and „Mediaspree“ which lines the Spree river through Friedrichshain and Kreuzberg.
6. Austin - $799
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| Photo: officelovin |
According to Austin Tenant Advisors, currently, for 2022, the average cost per square foot to lease office space in Austin, Texas is $42 SF. The average class A rates are $51 SF. Average class B, $38. Average class C, $30 SF. Downtown Austin averages $59/SF.
When comparing buildings, many businesses make the mistake of focusing only on base rental rates per square foot when leasing office space in Austin. There is a lot more to office lease cost than that! To get a full apples to apples comparison of each building and select the one that will cost you less money over the term of the lease contract it's important that you consider all the factors below to get a complete picture of the total cost to rent office space in Austin Tx.
7. Hong Kong - $793
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| Photo: thegreatroom |
Hong Kong’s population — numbering more than 7 million — has a limited amount of land to potentially inhabit, which has positioned Hong Kong to be the world’s most expensive housing market. Now, a number of mainland Chinese firms are moving in and driving up costs of already expensive of
This beautiful city is the best place in the world to ride out the economic rise of Asia. To say that space in Hong Kong is at a premium would be an understatement. Office space is so sparse that prices are more than two times higher than anywhere else on earth. Price are still climbing, growing 1.9% in the first half of 2015.
Office space in Hong Kong’s Central now costs $306 per square foot per year, on average. That’s 30 percent higher than the second-highest area, London’s West End, which came in at only $235 per square foot
8. Toronto - $791
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| Photo: torontolife |
The cost of office space in Toronto depends on the size of the office you need. Rent for a Toronto office rental usually varies between $8 and $27 per square foot but can range up to $70 per square foot or more in particularly expensive parts of the city. A typical medium-sized shared office space usually starts at $700 per month and goes up from there. Remember that these fees include access to the facilities in your office building of choice. That means that you should factor in your location carefully when determining whether the price to rent office space is worth it. Some facilities offer on-site cafeterias, shopping opportunities, and more that can make a high price seem more reasonable.
As with any rental arrangement, you can get additional amenities to your office space in exchange for an increased fee. Some possible additions include larger common room accommodations, regular use of rented meeting space, and special office furniture or equipment. Not all of these additional amenities are necessarily spelled out ahead of time, so it’s best to speak with the organization from which you rent office space if you feel that you need something extra that isn’t provided. You are not guaranteed to get exactly what you want, but most providers of rented office space will at least make an effort to accommodate you and set a price point upon which you can both agree.
9. Seoul - $776
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| Photo: wework |
Korea's capital city is home to huge companies like LG, Hyundai, and Samsung, making it an attractive location for businesses to set up. While serviced office space is at a premium in Seoul, Instant Office's specialist local consultant Betty Chen recommends the Gangnam Business District, an area that continues to emerge as the new hub for a wide range of industries in Seoul.
Prices in Seoul for serviced office space are approximately KRW 700,000-1,000,000 per person, per month. When looking for serviced offices keep in mind that these costs usually cover a variety of amenities and as such can offer great value for money and lower outgoings.
While coworking has really kicked off in other Asian locations such as Hong Kong and Singapore, Seoul has been relatively slow on the uptake, still favoring more traditional office space. However, the modern city is definitely seeing a rise in coworking that looks set to continue. Instant is able to accommodate most inquiries, from one person through to 100 or more depending on the specifics.
10. Paris - $773
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| Photo: wework |
Mainland Europe's most desirable office location. But it isn't keeping up with big gains across the Channel. New projects like The Cargo, a major hub for start-ups, have helped fuel demand in the French capital. Office prices are up 1.5% so far this year.
Renting an office in Paris is an excellent choice. Paris enjoys a thriving economy within one of the world's greatest powers. For many internationally successful companies, Paris is a natural choice. For smaller companies, Paris also is a fabulous opening to new possibilities. Connections are easier to make, talent is as accessible as it is available and, above all, the French capital offers an idyllic living environment. The downside is obvious: prices are rising and office space for rent in Paris is becoming scarce.
The rental costs per square meter of prime office spaces in Paris (CBD), France increased substantially since 2015. From 750 euros per square meter in the third quarter of 2015, in the third quarter of 2021, office rents in Paris reached 930 euros per square meter.
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