More than 80 per cent of the Singapore workforce telecommute today. Current demand has been culled, with knock-on effects for building management, mass transport and F&B in the vicinity.
After incurring sunk costs in retooling businesses that enable that telecommuting reality, and as habits surrounding remote working deepen, telecommuting may become the new normal, putting downward pressure on commercial real estate space needs in the long run. More mature districts, such as Fusionopolis at One North and Pasir Panjang areas, are gradually evolving into technology innovation and enterprise clusters. Tech giants like Google and Cisco have moved into Mapletree Business City II.ground-breaking in JanuaryEven the big boys in traditional sectors have responded to this lure of office spaces outside the CBD. Oil giant Shell houses its regional headquarters today at The Metropolis at Buona Vista.
Singapore, the world’s third most competitive data centre market, has seen the growth of data centres supporting a rapid pace of digitalisation.