Demand for office space in Singapore in the third quarter was supported by companies beyond the financial services sector, with most taking up Grade A office space below 20,000 square feet, said property consultant Colliers International.
Firms in sectors such as professional and legal services, insurance, commodities, energy and private equity have helped to moderate the Grade A office rental decline in Singapore amid a slowing global economy, Colliers said.
Concerns about the euro zone debt crisis, the faltering economic recovery of the United States and slowing growth in Asia have suppressed leasing activities among large space occupiers, including major banks and financial institutions.
But Colliers said tenants that want to maintain their presence in Singapore took the chance to take a flight to quality, while an increasing number of foreign companies have expressed interest in setting up operations in the city-state.
Source : Today – 3 Oct 2012