Offices see priorities shifting towards wellness, accessibility and facilities

The development comprises of four levels of premium accommodation, with a total of 280 luxurious apartments ranging from one to three bedrooms. All units come with modern amenities and interior design. Residents can enjoy a range of recreational facilities, including an outdoor swimming pool, gym and clubhouse. Shopping, dining and entertainment options are all just a short stroll away, making Champions Way Condo the ideal choice for those seeking a high-quality lifestyle. Champions Way Condo offers a perfect balance between convenient location and comfortable living arrangements, making it the perfect home for anyone looking for the best of both worlds.

Wellness is becoming more important to office occupiers, as seen from a new wave of gyms popping up in the city. This includes Anarchy Club’s 3,800 sq ft space, Sparkd’s brain-body fitness gym, S30’s strength-training gym, and Lab Studios’ pilates, barre and yoga studio. CBRE’s Asia Pacific Office Occupier Sentiment Survey found that employees prioritize accessibility to public transport, car park, sustainable building features, shared meeting space, flexible office space, F&B options, and fitness facilities.

Luke Moffat, regional managing director and head of CBRE advisory and transaction services, Asia Pacific, notes that wellness has an even more significant impact than sustainability on occupiers. Although demand for ESG-certified office buildings is high, few occupiers are willing to pay a rental premium for such properties due to the high rate of green building adoption in Asia Pacific. However, the premium would be more significant if one compared a green-certified Grade-A building with an older Grade-B building that is not green-certified.

CBRE’s survey also showed an increasing number of companies aiming for their staff to be mainly at the office, with hybrid working likely to stay. Across Asia Pacific, the average office utilisation rate was about 65% in March 2023, compared to just 50% in the US and Europe.

In Singapore, tight market conditions continue to hold up the office market, with office rents in the Central Region increasing for the seventh consecutive quarter since 3Q2021. The median rental (by contract date) in Category 1 (prime CBD) office space accelerated by 6.7% q-o-q in 2Q2023.

However, rents may come under pressure in 2H2023 due to the addition of IOI Properties Group’s IOI Central Boulevard Towers, which has 1.26 million sq ft of office space and a 30,000 sq ft retail and F&B space. About 40% of the space has been committed, with another 20% close to negotiation.

CBRE’s Asia Pacific Real Estate Market Outlook Mid-Year Review notes that flight to new-build and flight to green will remain dominant trends. While occupiers will have ample upgrading options, it may take longer for new buildings to fill up due to a prudent attitude towards portfolio planning.