Shenton Way area rated top for tech, media and telecoms 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 the highest 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 between 2020 and 2021, said property services firm Colliers International.

Accessibility is excellent, with MRT stations at Raffles Place, 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 tech occupancy at about 12 per cent, 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 sub-markets for tech, media and telecoms occupiers.

Colliers' research uses four metrics - existence of a tech cluster, availability of office stock, accessibility and cost of rent - to identify the top city sub-markets for tech, 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.

A version of this article appeared in the print edition of The Straits Times on May 28, 2019, with the headline 'Shenton Way area rated top for tech, media and telecoms firms'. Print Edition | Subscribe