The country presents itself as the ideal location for offices due to its geography
Singapore presented itself as one of the most ideal office markets in the eyes of landlords. The Edge Singapore reported that this is due to the tight vacancy of office units available in the country. There is a demand from other industries leasing the available offices within Singapore as well that contribute to this.
Aside from local industries, Singapore has also transformed to be a hub for family offices and offshore asset management companies due to the country’s ideal location for business-friendly offerings and good regulatory environments, all while remaining geopolitically neutral.
Singapore’s growth in the past years was enhanced by its expanding economy and good business climate, which is why there was a rise in both single-family offices and multi-family offices.
According to corporate service provider InCorp, the country provided a better alternative to China, seeming more attractive to those on the mainland. It would be backed by talent as well, since the city knows how to seize opportunities and adapt to the ecosystem. Family offices are well-supported in Singapore, and the country itself is positioned in a way where it stands between the East and West, which helps with growing its wealth and is in close proximity to Southeast Asia, giving it access to the region’s fast improving technology and innovations.
Although Real Estate Investment Trusts (REITs) did not do well in 2022 for the office sector, publication Dollars and Sense forecasted that the demand in office so is showing great potential to rebound and improve the REITs performance for 2023. The country’s office sector is predicted to continue to see more family offices and foreign assets take its place there.
The Property Report editors wrote this article. For more information, email: [email protected].
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