Please Wait.....
Report
Bahrain Flexible Office Space Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 120 Pages I Mordor Intelligence
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.
Bahrain Flexible Office Space Market Trends
Rise in Startups Driving the Market
Bahrain's fast-growing start-up scene has been aided by the country's initiative to connect its citizens to the internet. According to the World Economic Forum, 98% of Bahraini citizens use the internet, placing Bahrain third in the world.
In StartupBlink's 2021 Global Startup Ecosystem Index, Bahrain has risen nine places to 66th place globally. The country is ranked fourth in the Middle East, demonstrating its regional strength, with growth expected to continue through 2020.
Bahrain also ranks 64th in the world in the 'Software & Data' vertical, while Manama, the kingdom's capital, rose 103 places to 337th in the world among cities. StartUp Bahrain, Tamkeen, and Bahrain FinTech Bay are among the country's other initiatives.
According to the latest World Investment Report (WIR 2021) from the United Nations Conference on Trade and Development, Bahrain saw FDI inflows of $1.007 billion in 2020, according to GDN (Unctad).
FinTech has become more competitive in recent years, with several individuals and organizations launching industry-disrupting projects.
Digital Transformation in the Country
Bahrain's Economic Vision 2030, an ambitious national development plan based on the principles of sustainability, competitiveness, and fairness, includes digital transformation as a pillar. Furthermore, the government's Digital Government Strategy 2022 highlights the government's commitment to transforming its services through emerging technologies, thereby assisting citizens and residents in living better lives.
The government is constructing a robust digital infrastructure and ensuring that everyone has access to the Internet. This is extremely crucial given that Internet usage is expected to increase by 400% by 2025.
Bahrain was the first GCC country to issue IoT connectivity standards and to support the use of the frequency band for IoT (NB-IoT) systems in international mobile communications networks. The Information & eGovernment Authority (iGA) has provided frequency bands to government entities in order to support the Kingdom's Digital Transformation and Vision 2030 goals for smart cities, IoT, and Machine-to-Machine (M2M) communication.
Amazon Web Services (AWS) opened its Middle East (Bahrain) Region office in 2019, putting the Kingdom in a strong position to take advantage of cloud computing's benefits. Developers, start-ups, and enterprises, as well as government, educational, and non-profit organisations, can use the infrastructure to run their applications and serve end-users from data centres in the Middle East, as well as leverage advanced technologies from the world's leading cloud, to drive innovation. In 2021, AWS predicts a demand for 10,000 data solution architects in the region over the next five years, with over 2,300 young Bahrainis enrolling in the AWS Educate programme.
Improved connectivity, such as faster WiFi and VPNs, which allow employees to work remotely in a secure manner, is paving the way for more businesses to adopt flexible working - and flexible space - policies.
Meanwhile, in the coming years, 5G ultra-high-speed internet may enable the rise of augmented-reality video conferences or AI-powered hot-desk assignments, making it even easier for employees to work from anywhere.
Bahrain Flexible Office Space Market Competitor Analysis
The market is relatively fragmented with a large number of local and international players, including Regus, Savills, WeWork, Servcorp, etc. as the major players. Fragmentation in the market is expected to increase with independent companies in the space actively increasing and developing new spaces in the market.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Value Chain/Supply Chain Analysis
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.5 Current Economic and Flexible Office Space Market Scenario
4.6 Technological Innovations in the Flexible Office Space Market
4.7 Impact of Government Regulations and Initiatives on the Industry
4.8 Impact of Remote Working on Space Demand
4.9 Insights into Flexible Office Space Construction Costs
4.10 Insights into Key Flexible Office Space Industry Metrics (Supply, Rentals, Prices, Occupancy (%)/Vacancy (%))
4.11 Insights into Rents, Leasing, and Rental Yields in the Flexible Office Space Segment
4.12 Insights into Key Trends on Rental and Leasing
4.13 Impact of COVID - 19 on the Market
5 MARKET SEGMENTATION (market size by value)
5.1 By Type
5.1.1 Private offices
5.1.2 Co-working space
5.1.3 Virtual offices
5.1.4 Others
5.2 By Application
5.2.1 IT and communications
5.2.2 Media and entertainment
5.2.3 Retail
5.2.4 Consumer goods
5.2.5 Others
5.3 By Cities
5.3.1 Manama
5.3.2 Riffa
5.3.3 Muharraq
5.3.4 Hamad Town
5.3.5 Other Cities
6 COMPETITIVE LANDSCAPE
6.1 Overview (Market Concentration and major players)
6.2 Company Profiles
6.2.1 Regus
6.2.2 Servcorp
6.2.3 Diwan Hub
6.2.4 Space 340
6.2.5 Letswork
6.2.6 Spire Hub
6.2.7 Brilliant Lab
6.2.8 Alfanar
6.2.9 The Startup Factory
6.2.10 Brinc Batelco IoT Hub*
7 FUTURE OF THE MARKET
8 APPENDIX
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security