Companies in Singapore scrambling to get more office space: analysts

Just before rents threaten to go up.

According to Savills, the office leasing market continued its steady growth as business sentiment improved in the reviewed quarter. Based on deals done by Savills, more than half of leasing enquiries came from existing tenants looking to expand to new premises in the CBD.

According to the latest Thomson Reuters survey, companies from the financial, resources, technology and shipping sectors showed more confidence in business prospects for the next six months, despite continuing external headwinds.

Here's more from Savills:

As a result, companies have revised their expansion plans and tried to secure additional office space before rents move up. Outside the CBD, pre-commitments at upcoming office developments were encouraging. For example, the Metropolis at one-north has already pre-let more than 70% of its 1 billion-sq ft office space a few months ahead of completion.

Meanwhile, we noted that there has been rising demand from office tenants moving out of industrial developments. As the government is increasingly determined to tighten up on the unauthorised use of industrial properties, these companies have to seek alternative accommodation at affordable rents. We see non-core offices as their top choice.

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