The island city is currently in the middle of a silent protest against office rental hikes
With the sharp rise in Singapore’s property rental rates, there is now a phenomenon of decentralization of offices located in the island city. Many business owners are shunning the Central Business District (CBD) for cheaper office rents.
Take Charles and Keith, a local retailer of ladies’ shoes and bags for instance. The company has its building located at Paya Lebar. In fact, the silent protest is so stark that the Singapore government has piloted a development project of Paya Lebar and Kallang as commercial hubs.
Meanwhile, according to the Housing Board (HDB), there are now about 19,000 HDB home office users, up from 17,000 users three years ago. Around the island, many small stalls also remain unoccupied.
, The Cheers News