A turnkey private suite is an office that is already fitted out, closed off from other tenants, and run for you for one monthly fee. You will also see it called a spec suite, a managed suite or a private flex suite. JLL points to fast growth in pre-built spaces, or spec suites, as a sign that tenants are moving away from long, privately controlled leases.
This guide explains how a suite differs from shared coworking and from a full build-out, how to compare the real cost, and what a finance team should check before signing. Much of the published data comes from the US and from global surveys. Where Singapore or Metro Manila figures exist, we use them.
Why suites are getting attention
Adoption is still early. JLL's April 2026 research found that only 3% of large enterprises use flexible space for more than 10% of their portfolio. JLL also says AI makes headcount hard to forecast, which makes short commitments more useful. Its earlier projection that 30% of office space would be used flexibly by 2030 is described in the same report as something that "remains to be seen".
Corporate demand is rising. Workthere's fifth Flexmark operator survey, reported by Savills, found that corporates make up 47% of flex office occupancy worldwide, up from 13% in 2020.
Market size forecasts are wide. Fortune Business Insights values the global flexible office market at USD 45.24 billion in 2025 and forecasts USD 194.75 billion by 2034, a 17.95% annual growth rate. It puts Asia Pacific at USD 12.78 billion in 2025. These are forecasts for flexible offices as a whole, not for turnkey suites alone.
How the three options differ
| Shared coworking | Turnkey private suite | Full build-out | |
|---|---|---|---|
| Who pays for fit-out | Operator | Landlord or operator | Tenant |
| Commitment | Usually the shortest | Shorter than a direct lease, set in the licence | Long, set by the landlord |
| Privacy | Shared space | Own walled suite | Full control of the floor |
| Branding | Limited | Within what the provider allows | Full |
| Lease accounting | Often short enough for the 12-month exemption | Depends on term and contract wording | Right-of-use asset on the balance sheet |
Terms differ by building. Ask for the minimum term, the notice period and any break right in writing.
Compare total cost, not rent
A rent comparison leaves out most of what a build-out costs. A fairer comparison uses this formula for each option:
Total cost of occupancy = (monthly rent + service charge + utilities + cleaning + IT) × months, plus fit-out, furniture, reinstatement and fees.
A suite folds most of those items into one fee. A direct lease puts them on separate lines, and the fit-out arrives first.
Fit-out is the largest of those lines. Cushman & Wakefield puts the average Singapore collaborative hybrid fit-out at SGD 180 per sq ft, with basic hybrid near USD 102 and advanced hybrid near USD 212. The same Asia Pacific guide puts Manila at USD 60 to USD 150 per sq ft across its three specification levels.
Here is the arithmetic for a 300 sqm office in Singapore. SGD 180 per sq ft is about SGD 1,940 per sqm, so the floor costs roughly SGD 581,000 to fit out. Over a 36-month term, that adds about SGD 16,100 to every month. Over 24 months, it adds about SGD 24,200. This is a calculation on a published average, not a quote. Your own fit-out may cost less or more.
The shorter your stay, the more each month has to carry. That is the main reason suites tend to suit shorter horizons.
Reinstatement is the cost of returning a space to its original state at lease end, and first-time tenants often overlook it. The same guide gives an average of USD 19 per sq ft in Singapore and USD 20 in Manila.
What it means for your accounts
Check the accounting standard your group reports under. ASC 842 is US GAAP. Singapore reporters use SFRS(I) 16, which is equivalent to IFRS 16. Philippine reporters use PFRS 16, which the Insurance Commission describes as converged with IFRS.
Under IFRS 16, most leases go on the balance sheet. A lessee can choose to expense a short-term lease of 12 months or less with no purchase option. The lease term includes extension options you are reasonably certain to use, so a short contract with a likely renewal may not qualify. ASC 842 has a similar 12-month exemption.
A licence is not automatically exempt from lease accounting. A contract can still contain a lease if it gives you use of an identified asset, and a provider's right to swap you to another suite affects that test. Have your auditor read the actual contract.
Landlord suites and operator suites
Both exist. JLL notes that landlords including Tishman Speyer, Hines and Nomura have launched their own serviced office products. Operators have moved from fixed-rent master leases towards management agreements and revenue-share deals, and some, such as Venture X, expand through franchising.
For a tenant, the question is who you sign with and who runs the space day to day. Ask who the contracting party is and what happens to your licence if the operator and the landlord part ways. JLL notes that landlords in London have become more careful after past operator insolvencies.
Fit by sector
Teams with uncertain headcount, such as AI and fast-growing technology companies, are the group JLL highlights most. Short terms and move-in-ready space let them change size without a fit-out.
Law, finance and clinical practices should look harder at the physical detail. Fortune Business Insights lists confidentiality and data security as a brake on adoption in finance, legal and healthcare. Ask for the acoustic rating of the suite walls, whether the network is yours or shared, and whether meeting rooms are private. Clinical users should also check plumbing, ventilation and step-free access before anything else.
Questions for a viewing
- What is the minimum term, and what are the notice and break terms?
- What does the monthly fee exclude? Ask about meeting rooms, parking, after-hours air conditioning and printing.
- Who is the contracting party, and who is the landlord?
- Can you add or return suites during the term, and at what price?
- Does the licence give the provider a right to move you?
- What are the exit costs, including any reinstatement?
- Can you put your own signage and IT in?
Where a suite fits
A suite tends to suit a team that needs space soon, cannot forecast headcount beyond a year or two, or would rather keep capital out of fit-out. A direct lease tends to suit a team with stable headcount over many years that wants full control of the floor. JLL describes a "core plus flex" model in which a portion of the portfolio becomes a variable cost, and it suggests piloting different operators and locations at small scale first. We would not set a fixed percentage. The right split depends on how reliably you can forecast headcount.
FlySpaces compares turnkey suites across landlords and operators in Singapore and the Philippines and can arrange viewings. Send us your headcount, term and budget range, and we will return a shortlist with total cost of occupancy for each option.
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