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Singapore placed third in Colliers survey of top finance locations in Asia

/ EdgeProp |

November 26, 2018 5:09 PM SGT

Hong Kong has topped the list in Colliers International latest research report, Top Locations in Asia: Finance, which determines the best locations in Asia for finance sector occupiers. Singapore ranks in third place, after Tokyo. Beijing ranks eighth, while Manila and Jakarta take up 13th and 15th.

Hong Kong has 72.9 million sq ft of total Grade A office space, which is three times more than the supply available in Singapore. The city has the widest gap in Asia in rents between the CBD and its fringe areas, with certain CBD fringe areas over 50% cheaper than in Central. This is an opportunity for large banks and investment banks to set-up affordable back operations, while maintaining front office locations in prestigious Central locations.

But waning export and domestic demand will weaken Hong Kong’s economic growth in the coming year. While overall prime grade office rents will increase by 7.9% this year, it will aggregate to 9.6% from end-2018 to end 2022, as the consultancy assumes a slowdown in the office leasing market.

Singapore remains a key wealth management centre, but had a modest property score due to its limited stock of prime grade office space (24.3 million sq ft). The financial sectors demand for office space will be reshaped as Fintech and flexible workspace demand reduce demand for traditional office space. According to Collier’s, as of 2Q2018, the financial services sector occupied 45% of CBD premium and Grade A office stock in Singapore, while flexible workspaces took up 4.5%, but these ratios are expected to gradually rebalance in the coming years.

Tags:

Top locations in Asia: Finance colliers Singapore Hong Kong Nov 2018

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