Shenton Way, Tanjong Pagar among top locations for tech, media and telco tenants in Asia
SINGAPORE has been ranked among Asia’s top commercial real estate locations with attractive submarkets for technology, media and telecommunications (TMT) occupiers, according to a research report by property services firm Colliers International.
In particular, the Shenton Way/Tanjong Pagar district was rated top in Singapore for TMT firms and flexible workspace operators due to its “excellent accessibility”, Colliers said on Monday (May 27), with TMT occupancy at 21 per cent of total space and current vacancy at 3.1 per cent.
Rejuvenation is supporting the district, with two new Grade A buildings since 2016 and a couple more to be completed in 2020-2021, said the firm. Accessibility is excellent, with MRT stations at Raffles Place and Tanjong Pagar and Telok Ayer, plus many bus routes, Colliers added.
“City Hall and the Raffles Place/New Downtown area are also good locations with ample supply of quality office stock,” it noted.
The extension into Marina Bay or New Downtown has added more premium buildings and solidified the city’s financial hub status. But with technology occupancy about 12 per cent of the total, Raffles Place New Downtown cannot be called a tech cluster at present, said Colliers. On the other hand, the office stock consists of many premium Grade A buildings, with vacancy at 3.4 per cent, it added.
Source: The Business Times, 27 May 2019