India drove 16% YoY surge in APAC office demand in 2024: Colliers

Source: Colliers landing page. Office space demand in the APAC region rose nearly 16% YoY in 2H24.

Demand for office space across Asia Pacific's (APAC's) top 11 markets* rose 15.9% year-on-year (YoY), to 8.8 M sq m, led by India, Mainland China and Japan, in the second half of 2024.

2H24 saw office demand in the region reaching 4.7 M sq m, a 6.1% rise compared to 2H23 according to global diversified professional services company Colliers. Demand growth over this period was notable in markets such as India, Japan and particularly impressive in Australia, which had a lower base. Leasing activity, however, remained relatively subdued in New Zealand, the Philippines, South Korea, Hong Kong, and Taiwan in 2H24.

Colliers' Asia Pacific Office Market Insights H2 2024 and Outlook 2025 report found the significant increase in APAC office space demand to be driven by corporate expansion, return-to-office initiatives, and the growth of global capability centres. Office market activity was strong in India, which saw 6.17 M sq m of leasing during 2024, and 3.44 M sq m of gross leasing in 2H24, an 11% YoY rise compared to 2H23. 

In India, technology firms and flex space operators accounted for a combined 46% of the total takeup across the top six cities during 2H24. New supply remained robust, with over 2.81 M sq m of completed space in 2H24, a 7% YoY growth across the top six cities. Bengaluru and Hyderabad led the office market activity during this period, cumulatively driving more than half of India's Grade A (premium) space demand and supply. Amidst an uptick in both leasing activity and new supply, India vacancy levels largely remained stable at around 17%.

"The APAC office market remained upbeat during 2H24, with demand rising 6.1% YoY to 4.7 M sq m. Office space demand in the region continued to be driven by India, Mainland China and Japan. At the same time, leasing in Australia grew manifold during 2H24, albeit on a comparatively lower base. 

"New office supply declined across most markets in 2H24, resulting in a 16.9% annual drop at the APAC level. Contrary to larger trends, India witnessed 7% YoY growth in new supply, contributing 60% of the new supply in APAC region during 2H24. Looking ahead, we anticipate improved demand-supply dynamics in 2025, supported by balanced economic growth and likely moderation in inflation," said Arpit Mehrotra, MD, MD, Office Services, Colliers India.

"With over 70% share in leasing and 60% share in new supply in 2H24, India remains one of the leading office markets in the APAC region. Strong domestic leasing, coupled with increasing Grade A space uptake by global capability centres (GCCs), continues to fuel office demand in India. During 2H24, GCCs leased 1.4 M sq m of office space in India, accounting for over 40% of the overall leasing during the period. Factors such as rental arbitrage, abundant talent, and language proficiency will continue to support the expansion of GCCs and outsourcing hubs in India," elaborated Vimal Nadar, Senior Director & Head of Research, Colliers India.

Colliers' research forecasts that both demand and supply will strengthen across most APAC markets in 2025, with vacancy rates expected to remain range-bound. Mike Davis, Colliers' MD of Occupier Services, Asia Pacific, said: "The outlook for the office occupier market remains positive, with strong demand set to drive further market shifts in the year ahead. High-activity markets may witness continued rental growth, particularly in peripheral business districts. 

"The overall outlook for 2025 indicates a sustained momentum for the APAC office leasing market. We expect to see steady growth and continued resilience, driven by stable economic growth, corporate expansions, and the return-to-office trend. The flight-to-quality will dominate, with occupiers seeking modern, flexible and sustainable spaces that foster collaboration and productivity."

*The report captured the key markets of Australia, Mainland China, Hong Kong, India, Indonesia, Japan, New Zealand, Philippines, Singapore, South Korea and Taiwan.

OUE partners with Oakwood Asia Pacific for new serviced residences at OUE Downtown

OUE, a premium hospitality sector specialist, has signed a management agreement with Oakwood Asia Pacific under which Oakwood will manage the new Oakwood Premier OUE Singapore serviced residences at OUE Downtown. 

Schreiber (left) and Thio at the signing ceremony.

OUE Downtown, formerly the headquarters for DBS, is located in the commercial district between Raffles Place and Tanjong Pagar. An integrated mixed-use development set to debut mid 2017, OUE Downtown fuses residential, retail and leisure experiences.

Thio Gim Hock, CEO and Group MD of OUE, explained that the company envisages Downtown OUE as the focal point for a vibrant community. The central business district lacks accommodation, shopping and dining options, which OUE will provide grog Downtown OUE in line with the motto "eat well, look well, keep well", he explained.

"Our vision is to bring a new sense of belonging to the urban community," he said.

Dr Stephen Riady, Executive Chairman, OUE said, "When it opens in 2017, OUE Downtown will be well-positioned to create a new work-play-live destination in the heart of Singapore's downtown, offering a range of serviced residences, retail and office amenities in the central business district."

Oakwood Premier OUE Singapore blends urban style with nature inspired elements. The 268 serviced residences are curated with a collection of luxury living, style and design touches. Facilities and services include private dining, a swimming pool, a fitness centre, daily housekeeping, a concierge and more, managed by Oakwood. Retail options for groceries and shopping will be available within the complex.

Dean Schreiber, MD, Oakwood Asia Pacific, said that the Oakwood Premier property would be a flagship product in the company's portfolio of serviced apartments. "The opening of Oakwood Premier OUE Singapore will be our second property in this great city. This has been an amazing year for Oakwood Asia Pacific. Our accelerated pace of development saw us adding 26% to the existing portfolio of Oakwood Asia Pacific in 2016 alone, and we expect to continue on this blistering pace over the next few years," he said.

Schreiber added that Singapore is a global city and a key destination for both business and leisure travellers, the target audience for the fully furnished, fully equipped and move-in ready serviced residences.

Interested?

OUE Downtown is at 6 Shenton Way. There are two tower blocks. OUE Downtown 1 is a 50-storey building while Downtown 2 is a 37-storey building. The serviced residences will be in the low to mid zones of OUE Downtown 1. The high zone of OUE Downtown 1 and all of Downtown 2 will be premium office space. An existing podium will be converted into a retail mall named Downtown Gallery.

Oakwood Premier OUE Singapore will consist of 82 studio apartments, 139 one-bedroom apartments, and 47 two-bedroom apartments. All units will feature a fully equipped kitchen, while the one- and two-bedroom units will be fitted with a washer and dryer as well. Studio apartments are 28 to 32 sq ft in size, while the one-bedroom apartments will be 30 to 58 sq ft. The two-bedroom apartments are 70 to 98 sq ft.

The facilities are expected to be ready mid-2017.

posted from Bloggeroid

Booqed lists workspaces for hire

Online marketplace Booqed has launched its meeting room and workspace search, booking and transaction phone app of the same name on the Apple App Store. Providing a faster way for anyone to leverage an available meeting or working area in a city, the app allows users to locate available areas, place an immediate or forward reservation, then pay for the usage of the space from a smartphone or tablet.

The service also benefits businesses with meeting or conference rooms that can sit vacant through the day. Booqed allows such companies to monetise the facilities instead.

Source: The Hive Kennedy Town, Hong Kong, a co-working space and a Booqed venue partner. Space at The Hive Kennedy Town can be booked via the Booqed app.

“The new economy is one that is both dynamic and mobile. Business people travelling overseas might need to host a meeting that requires more privacy than what a nearby cafe can offer. Freelancers, students, associations or just about anyone that requires a bit of space and discretion for a quiet discussion or simply get some work done, will find Booqed easy and convenient to use,” said David Wong, CEO, Booqed. “We are disrupting the traditional way meetings and work happens you might say.”

Interested?

Currently available for download on the Apple App Store, the service presently lists rooms in Hong Kong and Shenzhen, and will soon include Singapore.

The app will be on Google Play for Android users in early 2017. Sydney will be available by the end of the year and other markets including Beijing, Shanghai, Melbourne and Tokyo will be supported in phases over 2017.

We are up on the Apple Store! Let's check us out! A lot of exciting things coming up next week! #booqed

A photo posted by Booqed (@getbooqed) on Sep 21, 2016 at 12:06am PDT

Hashtag: #booqed

PwC's Venture Hub partners with Collective Works in Singapore

Source: PwC Singapore. PwC Singapore has launched Venture Hub, the world's first one-stop shop to help investors and entrepreneurs succeed in the startup and innovation space.

PwC has partnered with Collective Works, a co-working space operator, enabling its newly-launched Venture Hub to have a presence at the co-working spaces located in the heart of Singapore’s central business district: at Capital Hub Tower on Robinson Road and The Globe along Cecil Street. PwC’s Venture Hub will also co-host a series of events with Collective Works for entrepreneurs and investors.

PwC’s Venture Hub goes beyond catering to the traditional realm of fintech and will look at all disruptive technologies in areas such as biomedicaltech, regtech, wealthtech, and legaltech. Said Patrick Yeo, Venture Hub Leader, PwC Singapore: “The startup and innovation space is highly dynamic and rapidly evolving. To make a difference in this space, we have first disrupted ourselves and are taking bold steps in contrast to the way we traditionally operate and do business.

“With our presence at Collective Works, we are now able to engage with entrepreneurs at every step of their journey – from concept, to acceleration and commercialisation, to scaling up and expansion; on top of looking at new and innovative ways to collaborate with them.”

Added Ken Ching, Asia Pacific Head of PwC’s Global Financial Services Innovation Centre: “With the combination of our expertise in the Venture Hub and Global Financial Services Innovation Centre, we look forward to collaborating with startups and investors to help them springboard into the wider Asian region and the rest of the world.”

Interested?

Read the WorkSmart Asia blog posts about the launch of the Venture Hub and Collective Works' opening at Capital Tower

ERC launches multi-city co-working space in Singapore, Thailand and Vietnam

• Under the University Mentorship programme, lecturers will serve as mentors to provide guidance to the BIG Work community 
• Users can benefit from ERC's core competencies in their business domains, as well as consultations with incubator programme managers and resource management advisors 
• Guests of the BIG Hotel, which hosts international and startup business travellers, will be the first to be exposed to new products and services that are hospitality-related for research purposes

Entrepreneur Resource Centre Holdings (ERC) has launched BIG Work, the first co-working space that spans Singapore, Thailand and Vietnam. Screens at the top left show live celebrations in the other two locations.

Entrepreneur Resource Centre Holdings (ERC) has launched BIG Work, the first co-working space that spans Singapore, Thailand and Vietnam. BIG Work is conceptualised to springboard the ideas of students and aspiring entrepreneurs into the regional economies with guidance from established mentors, available resources and infrastructures under the purview of ERC.

BIG Work is a co-working space concept that is supported by ERC’s domain experts in the hospitality, education, entrepreneurship, and real estate sectors. The concept allows users to maximise their access to experts and resources in each domain in a timely and efficient manner in developing their products and services.

In addition to the hot desks that BIG Work offers, users are also able to gain access to the private offices, lockers, mailer services, rental of meeting and seminar rooms, free Wi-Fi, printing and photocopying services, and free flow of tea and coffee.

As part of the ERC ecosystem, members of BIG Work can take part in a University Mentorship programme. Lecturers from ERC’s partner universities, which include the University of Greenwich, University of Wolverhampton and Embry-Riddle Aeronautical University, will serve as mentors to BIG Work’s community. Regular sharing sessions between academics, students, and BIG Work users will be scheduled for information and expertise exchanges to heighten the startup experience. 

Users of BIG Work can also benefit from ERC’s core competencies in their business domains, including expertise in the local and regional business landscape. Consultations with incubator programme managers and resource management advisors can be arranged to determine the feasibility and functionality of ideas.

Seven random facts about BIG Work.

The affiliated BIG Hotel can also act as a test bed. Hotel guests can be exposed to new hospitality-related products and services for beta research. 

“BIG Work is a unique concept of a co-working space that offers immediate access and resources to students, aspiring entrepreneurs, freelancers, designers, business travellers or anyone in between who are keen to kickstart their entrepreneurial journey. Our regional approach would allow users and the community to have immediate support in furthering their offerings within Southeast Asia,” said Yen Ong, Group Chief Marketing Officer of ERC Holdings. 

“We understand the importance of nurturing the startup ecosystem in Asia, and believe that entrepreneurs should be equipped with the necessary resources that help bring their ideas to life. As such, in the upcoming months, we are channelling our efforts into building BIG Work Resource Hub where users can leverage the available resources from all platforms that we own.”

All three co-working spaces are strategically located in the business districts of Singapore, Ho Chi Minh City, and Bangkok, boasting office spaces of 3,200 sq ft, 1,860 sq ft, and 3,500 sq ft respectively. BIG Work expects to expand to a total of 10 cities in Asia within the next three years.

Inspirational quotes at BIG Work Singapore.

Inspirational quotes at BIG Work Singapore.

Interested?

Prices range from S$9 for the day in Ho Chi Minh to S$500 a month in Singapore.

posted from Bloggeroid

Business district-based Collective Works is launched in Singapore

A common co-working space within Collective Works Capital Tower.

Singapore’s first CBD-based coworking space Collective Works has launched its second space, a joint venture with CapitaLand. The 22,000 sq ft, high performance ‘office of the future' occupies the entire level 12 of the 52-storey Capital Tower in Tanjong Pagar.

Collective Works has become known for its design aesthetic and superior attention to detail such as ergonomics, ambience, lighting and acoustic sound profiling. Technology infrastructure includes secure on-site server hosting, videoconferencing, IP telephony and redundant fibreoptic broadband.

Designed by interior architects Contrast Design, the office interior is based on the concept of unfolding space, with surprises around every corner. The office is divided into different zones, each tailored to boost productivity, facilitate connections and encourage collaboration.

Solutions for businesses range from hot desks, dedicated spaces as well as formal offices of different sizes. Quiet, secure meeting rooms, spaces for conference calls and brainstorm areas have all been built into Collective Works. There is also a studio for creation of media such as podcasts.

Jonathan O’Byrne, founder of Collective Works called co-working a "personal mission" that was born when he started his own business, but could not find "the right kind of workspace". "As a designer from a design background, I could create spaces and create solutions that could solve human problems," he said. "(It is about) improving the quality of work and improving the quality of workspace.

"Interest has been very strong and from a broad range of industries. We are in discussion with more than 60 companies looking to join Collective Works Capital Tower over the next few months. We are paying particular attention to mix of the community and Collective Works Capital Tower is proving to be diverse but consistently premium.”

Members in the new space include global venture capital firm 500 Startups as well as a number of marketing, computer programming and data analytics companies. There is interest from global financial, technology and law firms too.

O’Byrne added: “Across Asia we have witnessed an exponential surge in demand from entrepreneurs seeking more personal business solutions. Our new space and our premium community create a unique ecosystem for our clients within the prestigious Capital Tower.”

Wen Khai Meng, CEO of CapitaLand Singapore, said the two companies look forward to providing more exciting spaces to meet all business needs in future. He called the new Collective Works space a flexible, high quality working environment with opportunities to network, collaborate and share. “CapitaLand is a progressive and forward looking real estate developer and our coworking partnership with Collective Works exemplifies this," he said.

"This partnership leverages CapitaLand’s market leadership and extensive network. Besides reaching out to a vibrant new market, Collective Works Capital Tower will augment CapitaLand’s offerings to existing customers and corporate partners. To date we are excited to welcome a number of high profile members to Collective Works Capital Tower including 500 Startups who will undoubtedly bring new buzz to the Capital Tower community. Coworking is in line with CapitaLand’s ‘office of the future’ vision, where people work in hubs of collaboration, community and creativity. We will be watching this space keenly as it evolves.

"We will take care of your every need. Just sign up, and focus on your work," he said.

A living wall greets visitors at the reception area.

One of the many offices within Collective Works. All offices come with glass walls and similar furniture but are of different sizes to accommodate different business requirements.

The office has been designed with discussion areas in nooks and corners to stimulate creativity and collaboration.

Many of the common working areas have impressive views of the city.

Tables marked with the 'CO' sticker - for co-working - are meant for common use.

The Standing Room, so named because it is meant for discussions to take place among people who are standing, was conceived to change the dynamics of decision-making. 

Each meeting room has a touch panel outside showing when it has been booked.

Lockers for Collective Works members come in different sizes. Each locker has a combination lock of four digits instead of the standard three for extra security, and a slot at the top for mail.

Sound-proof phone booths for conference calls.

Coffee quality may seem like a small detail for a co-working space, but Collective Works came up with Custom Blend B from Colombian Arabica and Ethiopian Sidamo Cherry Red coffee varieties. The beans are blended and roasted by a boutique roaster in Singapore, processed in batches of only 20kg batches a month for freshness. Three blends were originally developed but Blend B was the favourite.

posted from Bloggeroid

INVADE wants to matchmake landlords and retailers in Singapore

INVADE, Singapore’s first real-time retail space booking system, has gone live. The platform allows online matching and booking of retail space requirements in real-time. More than 35,000 retail businesses, startups and entrepreneurs are already INVADE members.

INVADE is the brainchild of two Singaporeans – Koh Cheng Guan and Kent Teo, who have worked with major landlords, marketed pop-up and retail spaces as well as organised flea market events in the past. The two discovered that entrepreneurs spend a lot of time looking for appropriate retail spaces, while landlords want to fill underutilised space, driving the need for a match-making service.

INVADE aims to bridge the gap by simplifying the process of publicising an available space and of paying for it. Spaces can range from shelves and tables to booth space at a flea market to traditional shop spaces. Entrepreneurs go through a four-step process: browse, compare, pay, start to start selling products, while landlords have the three-step process of list, consider tenants, receive payment. 

Transactions can be completed within minutes, the company said. The founders also found that there are far fewer locally-made products and brands in Singapore compared to home-grown equivalents in other countries, and believe that INVADE will help local brands get more exposure.

INVADE’s Co-Founder and Strategic Marketing Manager Koh Cheng Guan said, “INVADE provides an efficient, secure and transparent way for businesses to search and list spaces. It also allows our local entrepreneurs and home-grown products an opportunity to compete with top retail brands in prominent spaces.”

“Retailers are able to book spaces based on their business model and needs, all under one site,” added Kent Teo, INVADE’s Co-Founder and Business Development Manager. 

Interested?

List space. A 10% booking fee applies

Organise an event, rent or buy space. A description of the business and visuals of the merchandise to be sold may be required.

Avanta India opens new business space in Gurgaon

Avanta Business Centre has opened a 25,000 sq ft (about 2,300 sq m) of premium office space in Park Centra, Sector 30 Gurgaon in India. The facility is located close to HUDA City Centre Metro station, offering easy access from all parts of the city. 

Offices at Park Centra, the second business centre by Avanta in Gurgaon, range from 77 sq. ft. to approximately 20,000 sq. ft., catering to a wide range of businesses. Now open for operations, the space will provide around 300 workstations, a breakout area, a pantry, and four meeting rooms.

Avanta India has focused on developing new contemporary office spaces. Nakul Mathur, Director of Operations at Avanta Business Centre, said: "This latest centre is an excellent addition to our growing Gurgaon offering. This is a market where we look to have a significant presence and carry out an aggressive expansion of our business. The location at Park Centra is highly sought-after and we have already got pre-bookings from a premier brand in the market."

*Images from Avanta India.

Manufacturers go vertical to gain productivity

Two Singapore manufacturers have been able to upgrade their capabilities, increase production capacity and expand into higher value-added activities just by relocating to JTC Space @ Tanjong Kling*, a next-generation industrial infrastructure that allows renters to operate over several floors. Tenants can enjoy lower land rental without  sacrificing their gross floor area, optimising industrial land usage. 

Source: JTC website. Designer's illustration of small footprint
standard factories.

Chan Kian Metal Works designs and fabricates hydraulic manifolds with integrated circuits found in offshore / marine equipment and construction machinery. When the company decided to expand, their fabrication space at Pandan Loop was too small to allow them to take on higher value-added projects. Chan Kian Metal Works moved into JTC Space @ Tanjong Kling in January 2014, and installed a goods handling system within their three-storey factory which has enabled them to integrate their production line vertically - moving their raw materials and final products seamlessly between floors. 

This has allowed them to enjoy immediate improvement in land productivity by three times. The unit also provides them with  sufficient space to take on higher value-added activities such as the sub-assembly of hydraulics systems.

Delta Optics, on the other hand, specialises in the design and ultra-precision machining of optical mould inserts used in plastic injection moulding of lens for the optics and consumer electronics industries. Initially located at four flatted factories at Ayer Rajah, Delta Optics consolidated its operations and took up a larger production space at JTC Space @ Tanjong Kling. 

They have upgraded their capabilities by forming business collaborations with major MNCs and expanded into new higher value-added activities such as injection moulding of silicon and progressive lenses. 

The National Productivity and Continuing Education Council (NPCEC), led by Chairman Tharman Shanmugaratnam, who is also Singapore's Deputy Prime Minister visited both SMEs, and said: "The Government is actively developing innovative space solutions and infrastructure to help our SMEs transform and upgrade business processes. 

"The JTC Space @ Tanjong Kling, with its unique structural features, has enabled companies like Chan Kian and Delta Optics to configure their own space and integrate their processes over multiple floors. It also allows them to grow by building new capabilities and expanding into higher value-added activities. ”

JTC Space @ Tanjong Kling has enjoyed a good takeup rate, with 15 of its 18 units occupied to date. JTC is currently exploring the development of an improved version of the small footprint factory concept. The new development will not only incorporate the unique structural provisions, but could also provide higher building specifications including higher floor loading and ceiling height, allowing industrialists to undertake a broader range of manufacturing processes.

*Formally known as Small Footprint Standard Factories