Mapletree's The Signature building in the centre of Changi Business Park with a "for lease" sign on its glass facade. SINGAPORE: When IT professional Shrishe Kodancha began working at Changi Business Park more than 15 years ago, buildings were sparse and the area was remote.Since then, a shopping mall, hotel, transport network and more life has been added to what's been dubbed the"central business district of the east".
This is in contrast with Singapore's downtown core, where companies continue to jostle for prime office space even as rents climbed to a 15-year high earlier this year. The 35-year-old, who declined to be named, believes that apart from work-from-home trends, many workers were forced to return home due to stricter criteria for their employment passes.
In response to CNA's queries, JTC said it expects vacancy rates of business parks to remain stable if not increase slightly in the coming year. These would likely be located at the CBD instead, especially if firms are concerned about being near similar businesses. Prof Sing said new firms, including family offices and other parts of wealth management sectors, would continue to set up operations in Singapore due to its location and political stability.
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