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🌏 APAC demand for flex up 13% over last five years
Bobby Sodeiri shares some key stats from The Instant Group’s 2024 Q1 APAC Market Review.
Since 2019 Expand 👇 (yea, that was five years ago!) the following has happened: Demand up 13%. 35% of requests were from businesses with 26+ person teams, up from 18%. Supply has grown just 2%. In Hong Kong flex terms are 36% longer. In Singapore demand is spreading beyond the CDB. And New Zealand is going all in on flex, with local demand up 67%.
🇬🇧 In the UK, larger spaces are seeing higher occupancy
Bobby Sodeiri shares that according to The Instant Group’s recent findings, current occupancy rates Expand 👇 throughout the UK are 80% (up from 79% last year).
But what’s interesting is that occupancy rates at spaces over 30k sqft in size are significantly higher than those in spaces under 10k sqft. Nationwide the difference is 89% for over 30k vs 79% for under 10k, whilst in London the numbers are 86% vs 78% for over 30k and under 10k respectively.
In other splurge of percentages, they note that that "58% of landlords expect at least 26% of their portfolio to be flex by 2030".
👍 Staff and space set flex options apart from other office products
Bobby Sodeiri shares a snapshot of results from a survey of 200 end users of flex spaces.
_When Expand 👇 asked what makes them pick flex spaces over other office types, the top reasons were friendly staff (50%), clean/modern environments (36%), multiple space types (36%), a sense of community (33%) and trusted brands (29%). Surprisingly cost effectiveness only got 19%. _
🔥 Which cities saw the most flex desks requests?
Bobby Sodeiri shares data on which cities were in the top 10 in which The Instant Group saw the Expand 👇 highest total number of flexible desks requested.
They were: 1. London, England 2. Mexico City, Mexico 3. Riyadh, Saudi Arabia 4. Dubai, United Arab Emirates 5. Sydney, Australia 6. Chennai, India 7. New York City, New York, USA 8. Colombo, Sri Lanka 9. Singapore, Singapore 10. Berlin, Germany.
But the graph also shows the year-on-year change in demand across them, highlighting that whilst Mexico City, Riyadh, Colombo and Sydney saw over double-digit growth (163%, 48%, 23% and 19% respectively) – demand dipped in Singapore (-27%), Berlin (-16%) and -4% in NYC, London and Chennai.
😫 What is keeping North American flex space operators up at night?
According to The Instant Group, flex space operators are more concerned about a number of things, Expand 👇 than they were pre-covid. Bobby Sodeiri shares that many operators are worried about the growing cost of doing business, competition, existing/new customer expectations, demand and profitability.

 

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