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A Review of the Singapore Office Market

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A Review of the Singapore Office Market Q3 / Q4 2019 Singapore | Hong Kong The Office A review of the Singapore office market Building Rental Table (Islandwide) P2 Co-working space update P3 Supply – where to find space P4 Success for the new schemes in 2019 P5 Featured Development – Afro Asia i-Mark P6 Featured Development – 79 Robinson Road P7 Demand overview P8 Forecasts P8 Finding office space for you, with you Corporate Locations (S) Pte Ltd License No. L3010044A Marina One T +65 6391 5212 / [email protected] / www.corporatelocations.com.sg Robinson 77 $8.50 Orchard Towers $4.60+ Office Rental Guide Robinson Centre $9.00 Palais Renaissance $8.50-$9.50 Official Asking Rates Robinson Point $8.00-$8.50 Regency House Full Samsung Hub $9.00+ Shaw Centre $8.00 In general allow around 10% discount for SBF Centre $7.00+ Shaw House $8.50 negotiations for best effective rate SGX Centre 1 & 2 $9.50 Singapore Pools Building Full Shenton House $5.50 Sunshine Plaza $6.50 SIF Building Full Tanglin Shopping Centre TBA The Globe $7.00 The Bencoolen $5.50 Raffles Place/ New Downtown The House of Eden $7.80 The Heeren $10.50 18 Robinson $12.00 The Octagon $5.80 Thong Teck Building $7.00+ 20 Collyer Quay $10.50-$11.50 Tokio Marine Centre Full Tong Building $9.00 6 Battery Road $14.00 Tong Eng Building $5.80 TripleOne Somerset $8.80 Asia Square T1 & T2 $14.00+ UIC Building $11.00 Visioncrest Commercial $9.00 Bank of China Building Full Wheelock Place $12.50 Bank of Singapore Centre $11.00 Wilkie Edge $9.00 Bharat Building $6.50 Tanjong Pagar Winsland House I & II $9.50 CapitaGreen $13.50 100AM $6.50 Wisma Atria $10.50 CapitaSpring $15.00 78 Shenton Way $8.20 Capital Square Full 79 Anson Road $7.80 Clifford Centre $8.50-$9.00 ABI Plaza Full Chinatown / River Valley Road Grace Global Raffles $9.20 Anson Centre $4.50 Central Mall $7.00 Great Eastern Centre Full Anson House $9.00 CES Centre $5.80 Hong Leong Building $9.00 AXA Tower $8.80 Chinatown Point $6.50 Income @ Raffles $10.00 Fuji Xerox Towers $7.80+ Great World City $7.20 Marina One $13.00 Frasers Tower $14.00+ Kings Centre $6.80 Maybank Tower Full Guoco Tower $14.00+ The Central $9.50+ MBFC Tower 1, 2 & 3 $13.00 International Plaza $6.00+ UE Square $8.50 MYP Centre $11.00 Jit Poh Building $5.50 Valley Point $6.50 OCBC Centre $10.00 Keppel Towers $6.50 OCBC Centre East $8.00 Keppel Towers II $6.50 OCBC Centre South Full Mapletree Anson $9.40 Edge of CBD Ocean Financial Centre $14.00+ MAS Building $8.50 Alfa Centre Full One Finlayson Green $8.50 Southpoint Full Aperia* $6.00+ One George Street $11.50 Springleaf Tower $8.70 Boon Siew Building $5.25 One Marina Boulevard $13.00 St Andrew’s Centre $5.00 Central Plaza $7.50 One Raffles Place Tower 1 $10.50-$11.50 Tanjong Pagar Complex $3.70 Goldhill Plaza $4.80 One Raffles Place Tower 2 $12.00-$13.00 Twenty Anson $11.00 Newton 200 Full One Raffles Quay Towers $13.00 Novena Square $8.20+ OUE Bayfront $15.00 Rex House Full PLUS $8.50-$9.50 City Hall / Marina Centre / Beach Road SLF Building $4.20 Republic Plaza 1 $10.00+ 11 Beach Road Full United Square $7.50+ Republic Plaza 2 $10.00 30 Hill Street Full Royal Group Building $9.00 51 Bras Basah Road $10.50 Royal One Phillip $9.00 Beach Centre $7.80 West / Others Singapore Land Tower $10.50 Bugis Junction Towers $9.50 Alexandra Point $7.00 The Arcade $6.50+ Centennial Tower $14.80 Alexandra Techno Park* $5.00 UOB Plaza 1 $12.00 Duo Tower $14.00 ALICE@Mediapolis* $5.70 UOB Plaza 2 $11.00 Funan Full Fragrance Empire Building $6.50 KH Kea Building $5.50 Harbourfront Centre $6.30+ Millenia Tower $14.80 Harbourfront Tower 1 $7.20+ Robinson Road / Shenton Way Odeon Tower $7.80-$8.20 Harbourfront Tower 2 $7.20 108 Robinson Road Full OG Albert Complex $5.50 International Business Park Jurong* $4.00+ 120 Robinson Road $7.00 Parkview Square $7.50 JEM $6.00 137 Telok Ayer Street $7.50 Peninsula Plaza TBA Keppel Bay Tower $8.00+ 146 Robinson Road TBA Raffles City Tower $11.00 Mapletree Business City* $6.50+ 150 Cecil Street $6.00+ Shaw Tower TBA Pacific Tech Centre * $3.00+ 158 Cecil Street $7.50 South Beach Tower $12.00 PSA Building $6.30+ 6 Raffles Quay $8.00 Stamford Court $7.00 PSA Vista $4.50 71 Robinson Road $10.50 Suntec Towers 1-5 $9.50 - $11.00 Singapore Science Parks $4.50+ 79 Robinson Road $12.50 The Adelphi $4.75+ The JTC Summit $5.10 80 Robinson Road $8.50 The Concourse $7.80 UE Biz Hub West $6.50 Afro Asia i-Mark $11.00 The Gateway East & West $7.50 Vision Exchange TBC AIA Tower Full Westgate $6.50 ASO Building $8.00 Bangkok Bank Building TBA Orchard Road / Dhoby Ghaut BEA Building Full 182 Clemenceau Ave TBA East Capital Tower $10.00 50 Scotts Road Full Abacus Plaza $5.50 Cecil Court $5.80 51 Cuppage Road $7.50 AIA Tampines Full China Square Central $8.50 Burlington Square TBA Changi Business Park $4.00+ City House $8.80 Faber House $8.00 CPF Tampines $5.20 Far East Finance Building $5.80 Fortune Centre $6.00 NTUC Tampines Junction $5.80 Far Eastern Bank Building Full Forum $8.00 NTUC Tampines Point Full GB Building $7.00+ Goldbell Tower $8.50 Parkway Parade TBA Keck Seng Tower $5.80+ Haw Par Centre $7.20 Singapore Post Centre $6.80 Manulife Tower $10.00 Haw Par Glass Tower $5.10 Starhub Green* $4.60 MYP Plaza $6.50 International Building $8.00+ Tampines Concourse $5.00 OUE Downtown 1 & 2 $9.00 Liat Towers Full Tampines Grande $6.80 PIL Building Full Ngee Ann City $10.50 Tampines Plaza $5.50 Prudential Tower $9.50 Orchard Building $7.50 Viva Business Park $3.00+ Robinson 112 $6.50 Orchard Gateway $9.50 All rents quoted are asking rental rates and subject to change without prior notice * Business Park / B1 space Co-working expansion continues unabated 03 The phenomena that is flexible / co-working space There will be a mixture of co-working space, shared offices and continues to grow at breakneck speed and shows private offices. There will also be F&B outlets, retail space, gym and no sign of tailing off, although we are entering a new recreational facilities. phase of maturity and saturation point might not be Elsewhere, WeWork has secured six floors atIncome @ Prinsep in that far off. Dhoby Ghaut, while JustCo has just opened another centre in China Square Central. Earlier this year, WeWork secured 100,000 sq ft of space in MYP Centre at 9 Battery Road (fka Straits Trading Building) All the big players are still grappling for market share. JustCo has and will start operations when current tenant Rajah and Tann relocate secured a further location at 51 Bras Basah Road (fka Manulife Centre). to Marine One later in 2020. The entire building 55 Market Street has They have taken up two whole floors here, totaling over 50,000 sq ft been decanted of tenants and it is rumoured the new owner is targeting and is expected to house over 5,000 people. This facility will be like a co-working space operator to lease the majority of the building, but many of the latest larger centres which will include hot desking, product details have not yet been confirmed. showcase corner, games area and breakout space. It will also have phone booths, quiet pods and a nursing room. There is an event space WeWork currently operate from Beach Centre, Mapletree Anson, City for 180 people and multipurpose rooms for up to 50 people. House, 71 Robinson Road, ARC 380, Manulfe Tower, Suntec Tower 5 and Funan. Income @ Prinsep, MYP Centre, Singapore Science Park, Heavy weight player WeWork, has agreed to lease the entire HSBC 21 Collyer Quay (HSBC Building) and are rumoured to be the new Building at 21 Collyer Quay totaling some 220,000 sq ft which is easily anchor tenant at PSA Building along Alexandra Road after PSA move the largest such center in Singapore. This is scheduled to be functional to their new building in Pasir Panjang. They now have over 500,000 in 2021, after HSBC relocate to Marina Bay Financial Centre later in 2020. members worldwide. It seems whole buildings are not uncommon for flexible work space operators now, with Hong Kong-based operator Campfire opening a JustCo operates from Asia Square, Marina One, 20 Collyer Quay, UIC 82,000 sq ft facility at 139 Cecil Street. This will comprise a 16-storey Building, AXA Tower, China Square Central, 6 Raffles Quay, MacDonald mixed use scheme with roof terrace, sky pool and roof top bar. House, Marina Square, Samsung Hub and 120 Robinson Road. 139 Cecil Street HSBC Building MYP Centre 51 Bras Basah Road 21 Collyer Quay 9 Battery Road Summary of New Office Developments 2020-2022 Development Location Nearest MRT Est. Size sq ft Completion 79 Robinson Road Robinson Road Tanjong Pagar 518,000 Q2 2020 Afro Asia i -Mark 63 Robinson Road Tanjong Pagar 182,000 Q2 2020 CapitaSpring Raffles Place Raffles Place 635,000 Q2 2021 70 Anson Road Tanjong Pagar Tanjong Pagar 150,000 Q1 2021 IOI / Central Blvd Towers New Downtown Downtown 1,260,000 Q1 2022 Guoco Midtown Beach Road / Bugis Bugis 566,000 Q1 2022 Supply *All rents quoted are estimated target effective rates subject to negotiations and are not the landlords quoted figure 04 The supply of new office space will be Mitsubishi UFJ move to collocate to their next wave of supply in 2022.
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