For commercial real estate, the issue moving forward is demand and new structural trends like working from home (WFH) and ecommerce, notes Nupur Joshi, CEO of the REIT Association of Singapore (REITAS).

CapitaLand Commercial Trust (CCT) has indicated that only 24% of its office space is currently being used actively. While WFH is being recommended as the default mode of work by the Ministry of Manpower to curtail the spread of Covid-19, it is becoming increasingly evident that it cannot be a permanent feature.

“The operative word is flexibility. Office landlords have to cater for some flexibility. Companies need their employees to come in, because you cannot function for an extended period of time without the company working together,” Joshi observes. “Landlords will have to cater to the fact the interior of the office in 2021 may not be what it was in 2019. A common theme is core and flex,” she explains.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook