Tech, pharma firms among main drivers of Asia-Pacific office demand

There is strong demand in the Australian cities of Melbourne and Sydney, as well as in Bangalore in India and Bangkok, especially in their central business districts (CBDs). Other cities such as Ho Chi Minh City, Manila and Hong Kong continue to hold steady in terms of rental outlook, the survey found. Among the top sectors fuelling the demand for office space in 2017 are technology, professional services, pharmaceutical and real-estate businesses.

It has been reported that seven of the top 10 technology firms globally have set up their regional headquarters in Singapore, with 57 per cent of the offices in the island-state’s CBD. There is also strong government support for the technology sector in the Lion City, with the launch of the “Smart Nation” initiative in 2014.

Melbourne is another forerunner, with more than half of Australia’s top 20 technology companies located in the city and several high-profile Silicon Valley companies having opened their Asia-Pacific headquarters there.

Read more: