Chart of the Day: Decentralised offices represented nearly a quarter of office stock in Q4 2018
This represents an increase from 17% in Q4 1998.
Total decentralised office stock in Singapore has grown by approximately 1.4 times from 5.9 million sq ft in 1998 to 14.4 million sq ft in 2018, according to property consultant CBRE, attesting to the progress made by the government in enhancing the attractiveness of regional and fringe commercial hubs. In comparison, office stock in the CBD rose by only 0.6 times over the same period.
Decentralised office as a proportion of total office stock also rose gradually from 17% in Q4 1998 to 22% in Q4 2008 to 24% in Q4 2018.
"Mooted way back in the 1991 Concept Plan, plans for four regional and fringe commercial hubs were expounded. Efforts have been sustained, as seen from subsequent plans for regional and sub-regional centres and the ongoing development in in Jurong Lake District, Woodlands Regional Centre, Paya Lebar Central and Buona Vista," CBRE said in the report.
Decentralisation is set to gain further traction after the government unveiled the Draft Master Plan 2019 which aims to revitalise commercial notes outside the city and diversify businesses away from the CBD.
"This was further reinforced in the H2 2019 Government Land Sale Programme where the only land site which offered a significant office component was located in the Northern Region at Woodlands Avenue 2," added CBRE.