Singapore preferred by top companiesby Andrew Chen
According to CB Richard Ellis’ (CBRE) Business Footprints survey, Hong Kong and Singapore were the world’s top two destinations for international office setup. The survey, which encompasses 232 cities, looks into office locations of 280 of the world’s largest firms, many of which are Fortune 500 companies. 191 companies have set up in Hong Kong, representing 68% of this list. Singapore came a close 2nd by a nominal 0.5%, marked by difference of two companies. The other two of the top five cities in CBRE’s Business Footprints list included Tokyo, with 179 companies and Shanghai, with 172 companies. London was the only non-Asian city in the top-four list, with 177 companies.
Although Hong Kong has emerged tops in this list, Singapore’s office spaces are still less costly. Hong Kong’s property prices have increased by 30% in spite of its devalued currency over the past year. Singapore’s property prices, on the other hand, have increased by 23% in spite of its currency appreciation. As a result, Singapore’s property prices are more competitive than Hong Kong’s over the past year. The awareness of lower office prices bodes well for MNCs but it holds more weight for SMEs and start-ups as savings in office rental translates to real, potential savings that directly affect the bottom line.
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