Demand for office space has been healthy, but patchy. Prime locations like Raffles Place have been relatively busy, whilst activity in other locations has been slow. The general theme has been with tenants upgrading, with some taking slightly smaller space to offset the increase in rates.
KB Kookmin Bank has taken up space in Ocean Financial Centre. Quantitative Risk Management has relocated from OCBC Centre to UOB Plaza 1. Chemical company, Tosoh Asia is moving from Bank of Singapore Centre to MYP Centre. Global recruitment specialists, Ambition Group has just relocated to CapitaSpring from One Raffles Place, whilst new tenants to One Raffles Place include financial planner Metrica Partners from Singapore Land Tower, and Providence Law from 20 Collyer Quay.
On the edge of Raffles Place, One Marina Boulevard has been busy and has attracted commodities research company Wood MacKenzie, who has leased a whole floor there, relocating from Samsung Hub. Thome Shipmanagement has just leased a floor there as well and will be relocating later in the year from Hong Leong Building.
Marina Bay Financial Centre has been slow securing tenants, whilst One Raffles Quay has seen several floors placed under offer recently. It has been confirmed KPMG will be relocating to Asia Square Tower 2, and a new tenant to Asia Square Tower 1 is Sempra Infrastructure.
Other news elsewhere, is that Guoco Midtown is beginning to secure their ‘early bird’ tenants. Dutch energy and trading company Vitol has agreed to lease a whole floor here (around 30,000 sq ft) and will be relocating from The Heeren early next year. It is rumoured that German chemical giant BASF is relocating here next year from Suntec City.
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