Reported 4 months ago
Singapore's Changi Business Park, once dubbed the 'CBD of the East,' is facing challenges as it rapidly empties out, impacting the Singaporean government's regional hub ambitions. Vacancy rates have doubled in the past three years, reflecting global tech and finance layoffs combined with the shift to remote work due to the pandemic. The struggles at Changi Business Park contrast with Singapore's bustling downtown, highlighting local commuting challenges and concerns over foreign labor concentration in the area. Despite efforts to attract tenants with incentives, including offering '3-for-2' rates, the business park continues to grapple with declining occupancy rates amidst a broader trend of rising vacancies in Singapore's commercial real estate market.
Source: YAHOO