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Office Space in Demand

Office Space in Demand

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Singapore becomes the second most attractive office location for technology, media and telecommunications sector ahead of Shenzhen and behind Bangalore.  This findings is based on Colliers report on the office markets in Asia and this report was released on May 27.

 

The key driver for the demand of such office demand are mainly from the three sectors namely – technology, media and telecommunications with larger tenants having high tendency to congregate in the central business district or along the fringe of such central business district. The smaller tenants have the tendency to locate their office in the business parks.


(will the demand for such office space boost the demand for rental or even the purchase of new condo and new launch condo or new condominium?)

Singapore has a “high availability of talent” and this itself “outweighs lower ranking on the property metrics”. The popular areas are the Shenton Way and Tanjong Pagar locality which see a highest occupancy rate at 21% for office from the technology, media and telecommunications sector.


The next higher at 17% is the City Hall area followed by Raffles Place at 12%. Shenton Way and Tanjong Pagar have the added advantage of easy and high accessibility and also the ongoing rejuvenation which make both these localities much more attractive and interesting to work around and in these two areas. Two new Grade-A buildings were completed in 2016, and a couple more are expected to be completed in 2020-2021. The area is served by three MRT stations: Raffles Place, Tanjong Pagar and Telok Ayer.

Residential property updates : new condo launch project coming namely Haus on Handy at Handy Road, Avenue South Residence at Silat Avenue and One Pearl Bank at Outram Road


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