Shenton Way, Tanjong Pagar most popular locations for tech firms
Singapore has been ranked among Asia's top commercial real estate locations with attractive sectors for technology, media and telecommunications firms, according to a new report.
It found the Shenton Way/ Tanjong Pagar district was rated top here for such companies and flexible workspace operators due to its "excellent accessibility".
Rejuvenation is supporting the district, with two new Grade A buildings since 2016 and a couple more to be completed in 2020 to 2021, said property services firm Colliers International.
Accessibility is excellent, with MRT stations at Raffles Place and Tanjong Pagar and Telok Ayer, plus many bus routes, it added.
Colliers also noted: "City Hall and the Raffles Place/New Downtown area are also good locations with ample supply of quality office stock."
The extension into Marina Bay or New Downtown has added more premium buildings and solidified the city's financial hub status.
But with technology occupancy about 12 per cent of the total, Raffles Place New Downtown cannot be called a tech cluster at present, said Colliers.
Colliers' research uses four metrics - existence of a tech cluster, availability of office stock, accessibility and cost of rent - to identify the top city submarkets for technology, media and telecoms occupiers.
These firms have become a key driver of demand for office space, said Mr Andrew Haskins, executive director of research for Asia at Colliers.
They typically locate in the central business district or CBD fringe locations for large enterprises while smaller tenants often prefer business parks, Mr Haskins added.
Other top tech locations in Asia include Hong Kong, Bangalore, Shenzhen, Beijing, Shanghai and Tokyo. - THE STRAITS TIMES
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