Opportunities for Occupiers | Office Q1 2020

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Colliers Research Singapore Office Quarterly Report Q1 2020

Colliers recommends occupiers to rationalise space requirements and consider a Flex and Core or split-office strategy.

 

The impact of the coronavirus (COVID-19) outbreak on Grade A office rents in Singapore's central business district (CBD) was not as apparent in Q1 2020, as average rents remained firm at S$10.09 psf. While we do not expect a major change in rents this year, we forecast rents to decline by 4% in 2021, in view of slower demand and higher supply in 2022.

Vacancy tightened to 3.1% as technology, media and telecommunications (TMT) occupiers and flexible workspace operators continued to drive demand, such as by An Xing Technologies at One Marina Boulevard, and Shutterstock and IRESS Market Technology in 18 Robinson.

Colliers expects the market effects from the COVID-19 pandemic to be more apparent in Q2 2020, presenting opportunities for occupiers to make decisions in a more tenant-favourable environment. Download Colliers' latest quarterly report on the office market as we examine the shifting trends and outlook, with expert recommendations for occupiers.


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Opportunities for Occupiers | Office Q1 2020

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Rick Thomas

Executive Director

Singapore

As Executive Director of Occupier Services in Singapore, I have  over 20 years of experience in commercial real estate.  Based in Singapore, my responsibilities are focused on servicing the real estate needs of large multinational occupiers clients across Asia Pacific than span office leasing, industrial leasing and project management.

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Jerome Wright

Senior Director

Singapore

Colliers Singapore, Senior Director and Team Leader of CMIS - Capital Markets. As the head of Capital Markets and Investment Services for Commercial, Jerome provides strategic investment advisory and brokerage services to clients, focusing on investment-grade properties. He delivers clients so that they can maximise all real estate investment opportunities in Singapore

Jerome has over 15 years of real estate experience in the field of corporate commercial investment & leasing in Singapore, and the UK. MRICS and CEA qualified, I have extensive transactional and mediation experience acquired principally in the Singapore market advising both investor/developer clients and occupier clients. Prior to joining Colliers, Jerome was Director, Commercial Leasing at an international real estate agency firm where he oversaw large projects, providing blue chip corporate clients with strategic advice to fulfill their real estate needs in Singapore.

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Shirley Wong

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Tricia Song

Director and Head

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Tricia Song is a Director and the Head of Research at Colliers International Singapore. Ms Song brings with her more than 13 years of experience in real estate equity research and capital markets in Singapore and ASEAN. Before Colliers, she was the lead analyst for the Singapore Real Estate and REITs sector at Equity research at Barclays Bank PLC and before that at Credit Suisse, HSBC, CIMB-GK, and UOB KayHian. She was the lead analyst on various IPO pre-deals such as Ananda Development, iREIT Global and CapitaMalls Asia.

She also has prior experience in private equity, working on M&A deals in Asia Pacific at Newbridge Capital. Ms Song graduated with a Bachelor of Business Studies (Honours) degree from Nanyang Technological University, Singapore.

 

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