How is Singapore commercial and office market performing in 2023?

Worldwide office and mall vacancies are common…

People are working from home! Companies are also encouraging their staff to work from home!

Do you know that in Singapore the committed office occupancy is 97%!!

You must be kidding!

Rent for suburban malls rose 5.3% and in downtown malls 7.2% in 1Q2023 year-on-year.

Tenant sales over square foot increased 10.2% in 1Q2023, year on year.

What were the supporting reasons?

In Singapore, most people stay in a compact home, and working from a confined space tend to be unproductive. These workers would prefer to work in offices where they have a more spacious working environment amongst their peers.

Singapore has a world class transport system and by 2030, 80% of the households would have access to affordable and reliable train within 10 mins walk.

Singaporeans tend to be habitual. Most have been used to working in the comfort of air-conditioned offices.

In addition, Singapore landlords constantly refresh their offerings and provide high-quality property management which lures the workers to travel to work in offices.

Do you believe that working in office is more productive from working from home?

Do you believe that Singaporeans would have a better work-life balance if they were to work from home?

Do you believe that productive discussions could not be held with the current communication technologies?