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The growth of Chinese technology companies in Singapore because of geopolitical tensions has driven need for workplaces, states C&W. These companies include ByteDance, which is likely to make Singapore its regional hub since it expands to Asia, and has also applied for a license to run an electronic lender in Singapore. Tencent has also chosen Singapore as its heart and intends to open a brand new office at the city-state.
Other bright spots include the forthcoming redevelopments of AXA Tower and Fuji Xerox Tower at 2021.
Though office leasing activity has remained slow, some vacated spaces are consumed by occupiers which are seizing the chance to rent prime spaces in more attractive prices. QBE Insurance is moving to Guoco Tower, taking up 31,000 sq feet of space vacated by Grab, which will be moving into one-north. Meanwhile, the Amazon is renting 90,000 sq feet across three degrees at Asia Square Tower 1 which were formerly occupied by Citi.