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Singapore has been ranked among the top commercial real estate locations in Asia for technology, media and telecommunications (TMT) occupiers. Given its excellent accessibility, the Shenton Way/Tanjong Pagar district emerged as the top location within the city-state for TMT companies, with TMT occupancy at 21 percent.
Rejuvenation is supporting the district, which has two new Grade A buildings since 2016 and expects a few more to be completed in 2020-2021. Colliers noted that the district also enjoys excellent accessibility, with MRT stations at Tanjong Pagar, Telok Ayer and Raffles Place, plus many bus routes.
“City Hall and the Raffles Place/New Downtown area are also good locations with ample supply of quality office stock,” Colliers said.
Adding more premium buildings, the extension into New Downtown or Marina Bay solidified Singapore’s financial hub status. However, Raffles Place New Downtown may not be considered a tech cluster as technology occupancy within the area hovers at around 12 percent of total only, said Colliers.
Colliers used four metrics to identify the top city submarkets for TMT tenants – namely, existence of a tech cluster, accessibility, availability of office stock and cost of rent.
Colliers executive director of research for Asia Andrew Haskins said TMT firms have become a major driver of demand for office space.
Typically, these submarkets are located in the central business district (CBD) or CBD fringe areas for big TMT enterprises, while smaller firms often choose business parks, he added.
Other top tech destinations in Asia include Bangalore, Shenzhen, Hong Kong, Shanghai, Tokyo and Beijing, revealed the report.
Victor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email victorkang@propertyguru.com.sg
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