Singapore's CBD will never be the same again
A new concrete jungle emerges from a health crisis; flexibility and flight to quality to prevail
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SINGAPORE'S office market, with its roughly 8 million square metres (sq m) of completed space, is under stress.
Islandwide office vacancy rate dipped for the second consecutive quarter to 11.8 per cent in the fourth quarter of 2020. Office space net demand for last year fell by 79,000 sq m, contrasting with net positive demand of 155,000 sq m in 2019.
In the near term, the market will look to ride on economic recovery amid the roll-out of vaccines to fight the Covid-19 pandemic. But the bigger challenge comes from technology enabling many office workers to work from anywhere. Could office buildings hollow out and the Central Business District (CBD) lose its relevance?
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