Supply-Demand Gap Analysis in APAC Flexible Workspace Market
The supply-demand gap has been increasing between 2016 and 2018 as many new local players have entered the industry during this time frame and many of the international players such as WeWork, The Executive Centre, Regus, and Servcorp expanded to various countries in APAC. The gap reduced in 2019 due to increase in demand from large enterprises. The supply-demand gap is expected to decrease in the future. Operators are shifting their focus from expansion to efficiency. Flexible workspace operators will design co-working locations that provide work-life balance by accommodating lifestyle spaces. Existing operators with sufficient funding will choose to renovate their existing centers accordingly in order to remain competitive. Eventually, occupiers will enjoy well designed spaces at appealing rates. Operators are also investing on broker listings in order to increase occupancy; this will further reduce the supply-demand gap.
Country Profile: Japan
The working age population in Japan has been decreasing with a CAGR of -0.8%. Therefore employers have to focus on increasing the efficiency of the available workforce by introducing flexible working hour, working location, attractive lifestyle services in the office premises and others. The employers in the country have also incorporated changes to attract the youth population into the workforce. The falling working age population, growing number of freelancers, start-ups and entrepreneurs has lead to the emergence of flexible workspace industry in Japan.
The supply in the industry has been growing with a double digit CAGR of ~% during the period 2016-2019. The supply of flexible workspace in Tokyo on the basis of space is dominated by Marunouchi/Otemachi, followed by Roppongi/Akasaka and Shibuya/Ebisu.
In 2019, unlike other countries in APAC the demand of flexible workspaces in Japan is dominated by freelancers followed by Enterprise and MSME’s/Start-ups. The rapidly evolving economy has created a more agile workforce, increasing the number of part-time, contract and self-employed workers. The aging population accelerates the shift in workforce structure and work style. More Japanese above 45 years old starts to choose self-employment according to the MHW survey.
Japan Flexible Space market is expected to register growth at CAGR ~% by supply during 2019-2025F. This is owing to multitude of factors namely JustCo’s Entry, Increase in Flexibility for Labor retention, growing entrepreneurial infrastructure, promotion of teleworking and increasing efforts to drive labor productivity.
What Is The Future Outlook And Projections For Apac Flexible Workspace Market?
The APAC Flexible Workspace Market has been anticipated to grow with a CAGR of ~% in terms of supply and ~% in terms of demand during 2019-2025F. This is owing to multitude of factors namely emergence of nomadic co-working spaces, increasing demand from enterprises, increasing number of niche co-working spaces, movement to tier 2 and tier 3 cities, increase in focus on non-rental revenue streams and Change in IFRS Standards. Sydney, Hanoi, Ho Chi Minh City, Pune, Hyderabad, Chengdu and Guangzhou are expected to grow at the fastest pace by 2025 and therefore are the upcoming markets in the flexible workspace industry.
Key Segments Covered:-
By Type of Flexible Workspace
Serviced Spaces
Hybrid Spaces
Co-Working Spaces
By Country
India
Bangalore
Delhi NCR
Mumbai
Pune
Hyderabad
China
Shanghai
Beijing
Shenzhen
Hong Kong
Chengdu
Guangzhou
Australia
Melbourne
Sydney
Japan
Tokyo
Singapore
South Korea
Seoul
Philippines
Metro Manila
Vietnam
Ho Chi Minh City
Hanoi
By End Users
Enterprises
MSME’s/Start Ups
Entrepreneurs/Freelancers
Key Target Audience:-
Flexible Workspace Operators
Office Brokers/Aggregators
Commercial Real Estate Companies
Venture Capitalist and PE Firms
Real Estate Consultant
Office Furniture Providers
ICT Providers
Time Period Captured in the Report:-
Historical Period – 2016-2019
Forecast Period – 2019-2025
Companies Covered in the Report:-
APAC Flexible Workspace Market
IWG
WeWork
The Executive Centre
Compass Office
JustCo
Servcorp
Local Players in India Flexible Workspace Market
Awfis Space Solutions
IndiQube
Smartworks
91Springboard
Innov8
Vatika Business Centre & Co-working Spaces
InstaOffice
Local Players in China Flexible Workspace Market
Ucommune
MyDreamPlus
Distrii
Kr Space
SOHO 3Q
People Squared
Atlas Workplace
Servoffice
Local Players in Japan Flexible Workspace Market
ZXY
WorkStyling
Cross Office
Business Airport
LIFORK
Mitsubishi Estate (BRANDS: Finolab, The Premium Floor, Inspired.lab, Global Business Hub, EGG JAPAN)
Expert Office
SENQ
Local Players in Australia Flexible Workspace Market
Victory Offices
WOTSO Workspace
Workspace365
Corporate House
Asia Pacific Serviced Offices
Hub
Space & Co.
Christie Spaces
Local Players in Singapore Flexible Workspace Market
The Work Project
The Great Room
Found8
ClubCo
Local Players in Philippines Flexible Workspace Market
KMC Co-working Space
Clock In
Common Ground
vOffice
Project T Solutions
A-Space
Local Players in Vietnam Flexible Workspace Market
Toong
Up Co-Working
G Office
Cogo Co-working
Dreamplex
eSmart
CirCo
Local Players in South Korea Flexible Workspace Market
FASTFIVE
SPARKPLUS
BIZSQUARE & MoA
GARAGE
Heyground
For More Information, refer to below link:-
APAC Flexible Workspace Market
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Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249