Kuala Lumpur has become the fastest growing market for flexible or co-working supply in Asia Pacific, following a 36% increase in its flexible workspace centre supply in 2017, recent research by Instant Offices has revealed.
The city has outpaced other fast-growing markets including Gurugram, Chennai, Brisbane, Hong Kong and Sydney. In fact, Kuala Lumpur saw a further growth of 12% in 2018, while more mature markets such as Singapore saw a 9% increase.
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Malaysia's capital city also saw a 31% growth in the supply of hybrid office space last year, while pure co-working space and serviced offices saw 10% and 7% growth respectively.
Based on the research, demand for space in the city continues to rise, and more businesses are opting for flexible workpaces. At the same time, international companies are also relying on this "low-cost, low-risk" option to sample the local market.
The following data was showcased about the current flexible workspace situation in Kuala Lumpur:
- There are a total of 112 flexible workspace centres in the city.
- Overall, across the city, the average monthly cost of a hot desk is RM886.
- At the same time, a hot desk costs RM843 a month in Kuala Lumpur City Centre, deemed one of the most expensive places for flexible workspaces in the city.
- Meanwhile, at Kuala Lumpur Sentral, the average hot desk costs RM797 monthly, a location which provides access to Malaysia's largest transportation hub.
Lastly, the following areas of Kuala Lumpur were highlighted as the key areas for business:
Damansara Heights: An affluent, highly-developed area and one of the most sought after addresses in the city.
Bangsar South: A fully integrated residential and commercial hub that boasts excellent transport connectivity and facilities.
Mont Kiara: An affluent prime location in Kuala Lumpur, well connected by major highways with an abundance of green space.
Petaling Jaya: A major Malaysian city and key commercial district, including retail hubs, hotels and attractions.
Subang Jaya: Situated close to the Kuala Lumpur City Centre and home to several higher learning institutions, Subang Jaya is a busy, fast-paced city.
Lead photo / 123RF Infographic / provided