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 |
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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.
