Here's how Singapore CBD has been luring companies back in

Firms are prowling for better office specifications.

Despite the flight to lower-cost office space in city fringes and suburban areas in recent years, Singapore's central business district (CBD) has been steadily luring companies back in. Since mid-2015, the proportion of office tenants looking to renew, relocate or set up new office in the CBD remains high at around 70%.

According to a report by Knight Frank, this is thanks to the steady drop of office rental trends in Singapore, especially for prime grade office buildings located in the CBD.

"With the global finance business undergoing a consolidation phase with various financial institutions giving up some of their office space and coupled with lower demand from many enterprises, office rents of prime grade A and A+ spaces in the CBD has declined by 11.9% for the past five quarters from its previous peak in Q1 2015," noted the report.

"Following this trend, the ‘flight-to-quality and back to the city centre’ phenomenon is gathering pace," it added.

On top of this, more companies are prowling for prime locations in the city centre with better office specifications, allowing them to launch more conducive office interiors.

Photo by De Visu/Shutterstock.com

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