In the second quarter of 2017, island-wide office leasing activity had risen for two straight quarters. This is the strongest since 2015.
Net new demand for office space in the first half of 2017 was about 780,000 sqft (about the size of CapitaGreen or MBFC Tower 1), higher than the 5 year average (2012-2016) of 710,000 sqft per annum.
Grab moved into Marina One, taking about 100,000 sqft. Ocean Network Express also moved in, taking 50,000 sqft. Marina One has reached about 70% pre-commitment.
Co-working space activity The Work Project’s 24,000 sqft space opened in OUE Downtown Gallery. Notable user of this space is Lendlease. Another co-working operator, SpaceMob, launched its second co-working space of 14,000 sqft in Ascent as Science Park 1. UrWork, a Chinese co-working space operator, set up a 6,889 sqft space at JTC LaunchPad @ One North. Over the next few quarters, the co-working …