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80% of tech firms in Singapore took base in CBD since 2016

80% of tech firms in Singapore took base in CBD since 2016

Transport, fintech, and online payment businesses are the most active in looking for space.

The Central Business District (CBD) accounted for 80% of technology firms' net office takeup in Singapore since Q1 in 2016, CBRE revealed.

According to its Asia Pacific Technology Report, tech companies remain one of the main drivers of new and expansionary demand in the Singapore office market. Firms operating in the transport, fintech, and online payment sectors have been most active in securing and enquiring for space.

More than 75% of the new office supply from 2016 to 2018 are in the CBD, which plays a role in attracting and retaining talent.

However, decentralised office or business park locations with good connectivity and amenities should still appeal to this industry group.

Here's more from CBRE:

The largest leasing deal in 2017 to date was completed by a US social media firm, which took up approximately 300,000 sqft at Marina One.

Other top-tier tech firms have taken advantage of the office rental trough to expand and upgrade their buildings and premises.

Another US tech multinational corporation (MNC) pre-leased 125,000 sqft at Frasers Tower. GrabTaxi took up 100,000 sqft at Marina One and Wirecard relocated to a 25,000 sqft space at Mapletree Business City II.

Business parks remain a viable option for tech firms. Newer and higher quality developments in One North and Mapletree Business City are receiving the most interest as they fulfil both locational and quality requirements. 

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