JULYASIA BUSINESS OUTLOOK8NEWSROOMSHOPEE AGREES TO SERVICE CHANGES AMID INDONESIA'S ANTI-MONOPOLY PROBEFlexible offices are sprouting all over the world, in a post-pandemic setting, where many employees still adopt a hybrid form of work. On the other hand, employers are cutting ties with stiff and expensive traditional office spaces and leaning towards more flexibility, a wide range of budgets, and convenient leases.According to market research company Modor Intelligence, the flexible office market size in the Asia Pacific region is expected to register a compound annual growth rate (CAGR) of higher than 4 percent for the period 2024-2029, driven in part but the increase in number of startups in the APAC region, led by China.China has by far the greatest number of unicorns (companies valued at over $1 billion) in the region, with 169, and it's the second-largest home to unicorns after the US, with 653 (source). India follows China in the region with 70 companies valued at $193 billion, behind the $736 valuation of China's, crowning New Delhi as the city with the largest growth in the number of co-working centres not only in the APAC region but globally.In terms of the total volume of flexible office space, the Asia Pacific displays stable growth with the total volume reaching 87 million sq. ft. as of March 2023, an increase of 6 percent from September 2022, reports CBRE. The proportion of flexible space in Grade A office stock also rose from 3.1 percent to 3.5 percent during the same period. Shopee, a leading e-commerce platform in Indonesia, has agreed to modify its services following accusations of violating the country's anti-monopoly regulations. This announcement came on June 26, after Indonesia's antitrust agency, KPPU, stated that Shopee had admitted to these violations, which involved directing customers towards specific delivery services.Radynal Nataprawira, Shopee Indonesia's Head of Public Affairs, emphasized the company's commitment to adhering to all relevant regulations and laws within Indonesia. In response to the KPPU's findings, Shopee proposed changes to its user interface to ensure compliance and to provide the best possible service to its users, incorporating the feedback from KPPU.Shopee, which is owned by Southeast Asian technology firm Sea holds a dominant position in Indonesia's rapidly expanding e-commerce sector. Meanwhile, KPPU is also investigating Lazada, another major e-commerce player in Southeast Asia, owned by Alibaba, for similar issues. ASIA PACIFIC'S FLEXIBLE OFFICE SECTOR PREDICTED TO ACHIEVE REMARKABLE GROWTHJULYASIA BUSINESS OUTLOOK8
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