Q4 2020 Singapore Office Briefing (Savills)

Although office leasing activity was generally more muted in Q4 compared to other quarters in the year, it was broadly similar to Q4/2019 levels.

• Demand for office space largely emanated from tenants looking for replacement space because of the need to move out of older buildings to be redeveloped, as well as tenants with office leases due for renewal.

• Owing to the uncertainties arising from the pandemic, tenants are continuing to adopt a wait-and-see approach and looking for clarity on trends to emerge on future workplace practices before deciding on future office space requirements.

• In Q4, the office market saw relatively significant leasing deals from technology companies. These companies are expected to continue expanding their presence in Singapore, which they deem as an attractive base due to its political stability, strategic position and strong economic fundamentals.

 

 

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