The Post-Pandemic Office -Beyond the CBD and Decentralisation
November 6, 2023 9 Minute Read
Not a new concept, office decentralisation was launched in the 1990s to bring jobs closer to homes, help ease traffic congestion, cut commuting time for workers, and offer alternative business locations for companies. On the other hand, the older CBD has been encouraged to transform into a mixed-use district, with not a greenfield office site in the CBD sold since 2017.
The tender launch of the maiden master developer site, the largest yet at 6.5-hectare and can be developed in two phases across 15 years, at Jurong Lake District (JLD), is envisioned to become the largest business district outside the CBD. It brings exciting opportunities but also raises questions about the future of the CBD.
This report aims to explore the factors vital for the success of a massive decentralisation. At the same time, the CBD office market will remain relevant and appealing to many multi-national corporations and local firms. CBRE Research advocates a holistic and balanced approach to preserve Singapore’s continued success as a key business hub.