Key factors that make Singapore’s office spaces globally attractive
A Colliers property expert says business-friendly environment, skilled workforce, and infrastructure help boost Singapore’s office leasing.
As of the second quarter of 2023, Singapore’s office rent market has stabilized, prompting a closer look at the future of office spaces.
Lindy Lim, associate director for tenant representation at Colliers Singapore, identified key factors impacting office leasing decisions in an interview with the Singapore Business Review.
She highlighted easy access to train stations, nearby food options, landlord reputation, office condition, and space layout as crucial considerations for tenants.
“The most common factors are connectivity to the nearest train station, and also the food options around the shortlisted development,” Lim said. “Some other criteria will be the landlord’s profile, the unit’s hand over condition and the structure of the office space.”
For location choice, it varies based on a company’s industry and budget. For instance, financial firms lean towards Central Business District (CBD) for client proximity, while biotech firms prioritize suitable lab facilities.
Lim stressed that the company’s budget plays a crucial role in finalising the choice. “We can recommend and assess options to fit into the budget,” she added.
Still, Singapore bears an enduring appeal for foreign firms, she said. In a globalized business landscape, the Lion City is a hub for foreign companies seeking to establish offices or regional headquarters.
Discussing Singapore’s appeal to foreign companies even further, Lim said the city-state maintains a range of strengths, including business-friendly environment, robust infrastructure, transparent practices, and skilled workforce.
“Singapore remains attractive due to its ease of doing business, excellent infrastructure providing connectivity, political neutrality and transparency, competitive tax rates, and a talent pool,” she said.
Collectively, it’s these factors that create an environment conducive to business growth and expansion.
Looking ahead, the office leasing landscape in Singapore is still evolving, so businesses will continue to prioritize factors that contribute to operational efficiency and employee well-being.
Connectivity, amenities, and a suitable office layout are likely to remain critical in the decision-making process, Lim said.
Moreover, Singapore’s commitment to maintaining its business-friendly environment and top-notch infrastructure will play a pivotal role in retaining its appeal to both local and foreign companies.
Lim believes the city’s evolving business ecosystem, coupled with its unwavering commitment to fostering growth, positions it as a resilient and attractive destination for companies seeking to establish their presence in Asia and beyond.
“As long as these factors are maintained, Singapore will continue to attract foreigners,” Lim said.
For more updates on Singapore's business landscape and beyond, visit sbr.com.sg