Rejuvenation Of Tanjong Pagar
The Singapore office market has seen positive rental gains in the first half of 2013, clearly signalling that the bottom of the cycle has passed, with the future looking positive.
While Singapore continues to lead the region for banking and financial services, other business sectors are growing their footprint. These include life sciences, legal and professional services. With this diverse demand base, a property consultancy firm is confident about the office market’s recovery in 2013 and sustainable growth throughout 2014.
Singapore’s downtown Grade A office market has the potential to double over the next decade, from the current 22.5 million sq ft. The current development pipeline totals over 9.9 million sq ft in the next four years. In addition, the Marina Bay District has the capacity to accommodate additional prime office space in excess of 30 million sq ft, to be located adjacent to the 101 ha Gardens by the Bay. This capacity gives Singapore a clear edge over other supply constrained cities such as Hong Kong.
As downtown Singapore grows in maturity, the existing micro-markets will evolve to meet particular tenant needs. Growth is expected in Bugis and Tanjong Pagar, the two predominant micro-markets anchoring the north and south of downtown respectively.