The office market will remain favourable to tenants as space availability options are plentiful
In view of the pandemic, a flexible office hour strategy has been increasingly adopted by many companies over the past two years. Some companies have reduced their office space footprint and considered moving to serviced office/co-working spaces. However, some companies decided to stay where they were instead of relocating. Many companies need an official address for company branding. Occupying office space is likely to generate more clients and increase company profits, so many companies prefer to stay in their own offices rather than becoming flexible office users or operating their businesses from shophouses.
Besides location, supporting amenities are also considered important by most tenants when occupying office space. Budget is the main issue for prospective tenants whether to stay or relocate. Reshaping existing space into smaller sizes by using partitions has become a way for landlords to provide suitable office sizes and match the budgets of tenants. Landlords are currently still adaptive and accommodative to negotiation about tenants' needs, including in terms of rent and service charges.
