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Aditya Hadi Pratama · · 1 min readAmazon, ByteDance scoop up office spaces vacated by banks in Singapore
“Tech giants like US-based ecommerce company Amazon and TikTok owner ByteDance are growing their presence in Singapore by occupying properties that were left by banks,” Bloomberg reported.
Details:
- Amazon recently leased three floors at Asia Square Tower 1 that used to be occupied by Citigroup while ByteDance is leasing three levels at One Raffles Quay in Singapore.
- More tech companies such as South Korea’s Coupang and Indonesian giants Gojek and Traveloka may follow suit.
Context:
- Even before the pandemic, there has been a trend of banks such as Citigroup, DBS, and Mizuho trimming their office spaces in Singapore.
- The financial industry took up almost half of the commercial real estate space in the city-state between 2004 and 2014. However, that share decreased to 26% between 2015 and 2020. Following the trend, office rental indexes are showing signs of recovery since the pandemic hit, rising by 3.3% in the first three months of this year.
Editing by Collin Furtado and September Grace Mahino
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