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Singapore Office Market Review Q4 2020

Singapore Office Market Review Q4 2020

• Market dominated by short-term renewals
• Tech firms leading demand: Alibaba, ByteDance, Twitter, Rackspace are all expanding, making Singapore their regional base
• Increasing demand on co-working space
• Rates to soften by 6% – 10% .
• Few new office developments coming on stream in Singapore Central Business District for 2021
• Companies finding ‘right-size’

Many companies working out a hybrid solution .Demand in the market has been patchy for the last six months, whilst most companies are still assessing what the ‘new norm’ will look like post Covid-19. For some companies, working from home has been a huge success, but not so for other companies . Most on hold expansion plans  and extended for the short-term. It is likely many companies will work out a hybrid solution with staff alternating between working from a conventional office and working from home or co-working space. The market has been boosted by some ‘artificial demand’ from companies that are being displaced due to the redevelopment of their building. Two such buildings are Fuji Xerox Towers (353,500 sq ft) and AXA Tower (680,000 sq ft). The former is more advanced by several months and many of the tenants are close to finalizing their new location. All tenants in Fuji Xerox Towers have just been served notice and will need to relocate by June 2021. Prudential Assurance will be relocating to UE Bizhub West on Alexandra Road, securing some 60,000 sq ft, and Fuji Xerox will be relocating to a similar location at Mapletree Business City, also off Alexandra Road. GAC Singapore has found new offices leasing a floor in Springleaf Tower, and International Data Group are at the final stages of their selection process.

Amazon takes up 90,000 sq ft in Asia Square Tower 1

Average Grade A Rents  $9.77 per sq ft / per month

CBD Vacancy Rate 5.0%

Rental rates available upon request .

Prime Office for Lease | updated 24 Dec 2020

OCBC Centre office for lease | 65 Chulia Street

  • #37-05 | 1636 sqft | Immediate | Bare condition
  • #38-01 | 1591 sqft | Immediate | Bare or Fitted condition
  • #39-08 | 1715 sqft | Immediate |  Bare condition
  • #42-04 | 1600 sqft | Immediate | Bare condition
  • #43-02 | 911 sqft | Immediate | Bare condition
  • #43-08 | 1711 sqft | Immediate | Bare condition
  • #48-02 | 2065 sqft | Immediate | Bare condition | Unit can be amalgamated with #48-01
  • #49-05/06/07/07A |3990 sqft | Immediate | Bare condition | Unit subject to amalgamation

Bank Of Singapore Centre office for lease | 63 Market Street

  • #04-01 | 2000 sqft | Immediate | Bare condition
  • #04-03 | 1658 sqft | Immediate | Bare condition
  • #05-01C | 1733 sqft | Immediate | Bare condition
  • #06-05 | 2034 sqft | Immediate | Bare condition
  • #09-02 | 1500 sqft | Immediate | Bare condition
  • #10-01/01A | 3499 sqft | Immediate | Bare condition
  • #10-02 | 1399 sqft | Immediate | Bare condition
  • #11-02 | 1400 sqft | Immediate | Bare condition

Republic Plaza office for lease | 9 Raffles Place

  • #08-03/04 | 6254 sqft | Immediate | Lift lobby frontage
  • #14-04 | 3025 sqft | Immediate | Feasible for subdivision into 2 units.
  • 15 Floor | 14284 sqft | Immediate | Lift lobby frontage & partial bay view. Feasible for subdivision into smaller units.
  • #16-03 | 1938 sqft | Immediate | Lift lobby frontage & partial bay view.
  • #23-01 | 3477 sqft | Immediate | Lift lobby frontage, sea view & bay view.
  • #35-05 | 701 sqft | Immediate

One Raffles Place for Lease | 1 Raffles Place

Prime Business Address , Heart of Singapore CBD , Panoramic View

  • #56-00 (Tower 1) | 4,876 sqft | Immediate | Exclusive unit. Bare. Sea / City / Singapore river view .
  • #41-01 (Tower 1) | 2,928 sqft | Immediate | Fitted / Bare. Singapore river view
  • #23-03A ( Tower 1) | 2,250 sqft | Immediate | Bare. City view
  • #30-63 ( Tower 2) | 4,672 sqft | Immediate | Bare. Singapore river view 

UE Biz Hub East | 6 & 8 Changi Business Park 

  • #03-51 (South Tower) | 17,015 sqft | Immediate | Whole floor plate. Exclusive use of Lobby & Toilets.
  • #07-21(North Tower) | 24,411 sqft | Immediate | Whole floor plate. Exclusive use of Lobby & Toilets.
  • #07-52/53 (South Tower) | 3,327 to 11,441 sqft | Immediate | Subdivided units, open to re-layout according to size requirement
  • #08-21/22/23/51 (North & South Tower) | 65,087 sqft | Immediate | Fitted unit. Whole floor plate. Exclusive usage of Lobby & Toilets. Can be amalgamate with #08-21 (North Tower) .

11 TAMPINES CONCOURSE 

  • #02-06 | 3,283 sqft | Immediate | Possible for subdivision into 3 smaller units.
  • #03-01 | 6,050 sqft | Immediate | Fitted
  • #03-02/03 | 9,400 | Immediate | Fitted
  • #03-04 | 7,966 sqft | Immediate | Fitted
  • #03-08 | 7,240 | Immediate | Fitted

Stamp Duty – Singapore properties

Stamp duty payable on the documents relating to transactions involving immovable property, including all sales and subsales, mortgages and leases of such property. This applies to all types of properties, regardless of whether the construction of the property has been completed.