COMMERCIAL PROPERTY | Staff Reporter, Singapore

Here's why tech firms will remain location sensitive when it comes to office spaces

Core CBD areas provide competitive edge in attracting talents.

As small and medium tech firms remain focus on retaining talent, they remain location sensitive in leasing office spaces.

According to CBRE Research, tech firms continue to be one of the key drivers for overall leasing demand in Singapore, with core CBD and CBD fringe areas as the preferred locations. The research house said these areas provide companies with a competitive edge in attracting and retaining talent.

CBRE noted that there has been a marked increase in leasing activity driven by flight-to-quality, with occupiers taking advantage of more attractive terms on offer. These deals have primarily been focused on new developments. For instance, Guoco Tower has seen pre-commitments from Amadeus, Agoda, Palo Alto, Unity Technologies, and Open Link.

This came as vacancy trends in overall Singapore climbed up 5.9%, while vacancy in core CBD is at 4.9%, with retail trends for Grade A office spaces in cor CBD slump to $9.5 psf/month.

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