Demand has been sporadic over the last 6 months. Many locations have seen activity, with the exception of Orchard Road, where the only notable leasing transaction was the leasing of one whole floor at Haw Par Centre (21,500 sq ft) to Singapore Power, relocating from Keppel Towers 2. Take up has been boosted by the remaining tenants from Shaw Tower, Tower 15 and Keppel Towers all needing to find new homes. The main beneficiaries were buildings in the secondary market, which offer the most competitive rates, rather than the newer schemes.
One of the largest deals recently was the leasing of some 50,000 sq ft to video app company Byte Dance / TikTok in One Raffles Quay. Grant Thornton has relocated from Robinson Point to Asia Square Tower 1. On the edge of the CBD Nu Skin has leased 20,000 sq ft in UE Square, relocating from The Central. Outside the CBD, Roche Singapore has moved from Great World City to Paya Lebar Quarter.
79 Robinson Road, which is scheduled to receive TOP in May, has been the most active of the new developments and has recently secured Howden Insurance / RKH Speciality as a new tenant. Other recent tenants include IMF and drinks giant William Grant & Sons. Competing scheme, Afro Asia i-Mark has recently secured co-working space operator The Great Room as a new tenant, who has committed to lease some 37,000 sq ft.
Even schemes scheduled for completion next year, such as CapitaSpring, are now jockeying for tenants and Squarepoint Operation will relocate there from CapitaGreen next year.
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