Although hybrid working is set to be the post-pandemic norm, demand for office space is still expected to outpace supply, as employees return to the workplace and businesses prepare for growth, says JLL Singapore’s Tay Huey Ying.
It was reported that enquiries for JustCo’s workplace solutions rose by more than 40 per cent in the first quarter of 2022 compared to the previous quarter, with a spike right after the easing of some restrictions in March.
Underpinned by the emphasis on employees’ health and wellbeing as well as sustainable workplaces, occupier demand has gravitated towards the newer and greener developments.achieved a 93 per cent leasing commitment rate by the time it received Temporary Occupation Permit at end-2021 during the pandemic, while pre-commitment rates of Guoco Midtown and IOI Central Boulevard Towers scheduled for completion in 2022 and 2023, respectively, are climbing steadily.
With the looming economic slowdown arising from geopolitical tensions and interest rate hikes to stem soaring inflation, occupiers may turn cautious in the short term. Singapore’s reputation as a global hub and praises for the effective management of the COVID-19 pandemic will attract businesses looking for a stable place to operate and a safe place in which their employees can live.
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