Supply Crunch due to redevelopment
Being the primary option for the financial sector, rental of Grade A office space in the city centre is set to increase. This is mainly driven by supply crunch and it’s estimated to rise by 8% follow by another 5% next year. Ongoing redevelopment at Shenton Way / Tanjong Pagar area has caused a withdrawal in inventory, resulted a shrinkage of supply growth to just 614,000sqft on average for the next three years, 3% lower than the past five years figure. At the same time, newly completed office building including UIC Building, Guoco Tower etc has also increased their rent with the modern features offered.
Ripple Effect to surrounding
Rejuvenation of the downtown area could also create ripple effect and stir up the rental nearby such as City Hall / Beach Road area down the road. The effect will diversify some companies to reorganise their operation to relatively budget friendly location and remain relevant, like Grade A Office at Paya Lebar Quarter while striking a balance in terms of monthly cost and convenience. For the ease of commuting via MRT networks, it make sense for tenants shifting away from CBD to secure their accommodation at new condo nearby and achieve work-life balance. Parc Esta positioning is ideal for the tenant pool and home owners who will be seeing themselves boosting efficiency and spending more time with family.
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