Top quality prime office space still in demand

The Singapore office market remains active, although movement has been patchy and hasn’t been across the board. Top quality prime office space is still in demand, despite rates not falling that much since they peaked in 2019, and these have bottomed out now. One of the most recent tenants to commit to leasing space in CapitaSpring, the premier new office development in Singapore, is PGIM / Pramerica Financial Asia. They will be moving into around 10,000 sq ft at the end of the year, relocating from One Raffles Place Tower 2.

Twitter has expanded to lease an additional floor in CapitaGreen, another premium office scheme close to Raffles Place. SEA Pte Ltd, parent company of e-commerce player Shopee, games developer Garena and digital financial services provider SeaMoney - has committed to leasing about 200,000 sq ft of office space at Rochester Commons, Buona Vista, which is due for completion later next year. They will be occupying the upper part of a 17-storey tower in the development. The typical floor plate size is about 22,500 sq ft. It has been reported that Sea may be paying a gross effective monthly rental in the high-S$7-per-square-foot range for the office space.

California-based, data management company, Datastax has set up a new office in Singapore and has initially taken space at WeWork in Suntec Tower 5. Financial adviser Endowus has leased one whole floor at 158 Cecil Street and IWG / Regus has leased two whole floors (22,000 sq ft) at PLUS at the top of Cecil Street close to Raffles Place. Market rumour has it that chocolate manufacturer Barry Callebaut Asia Pacific will be giving up a whole floor at Millenia Tower (17,000 sq ft) and will be moving to OUE Downtown 2 on Shenton Way.

Image above: CapitaSpring

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