These suburban areas are the rising stars of the commercial property sector

Major tenants may soon move out of the CBD.

Gone are the days when good office locations could only be found in the bustling and incredibly high-end buildings of the CBD. Analysts note that Singapore’s initiatives to develop its regional centres will whet tenants’ appetites for suburban offices.

According to a report by PropertyGuru, the two fastest-rising suburban office space hotspots are Jurong Lake District and Paya Lebar Central.

Jurong Lake District is attractive for its strong connectivity and future development plans coupled with the
announced placement of the Malaysia – Singapore High Speed Rail terminal.

“With expansion plans over the next decade, the district will offer a range of commercial space for offices, hotels and retail,” the report stated.

Paya Lebar Central s another potential commercial hotspot, primarily because the surrounding areas of Tanjong Katong Road, Sims Avenue and peripheral areas offer interesting commercial space options.

“As Singapore continues to develop its regional centres, upgrading its infrastructure and surrounding amenities, creating conducive business environments in suburban areas. This would erode the location advantages of the CBD. As such, we may see more major tenants deciding to move out of the city centre and into the suburbs including Jurong Lake district, One North and a few others, where rents are relatively lower. Barring any unforeseen shocks to the economy, the increased demand from such tenants would stimulate rents and prices of suburban offices,” said Wong Xian Yang, Research and Consultancy Manager at OrangeTee.

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