- Changi Business Park (CBP) has sub-par occupancy of 70% as companies in the financial services and technology sectors downsized and offshored IT to India. International Business Park (IBP) has low occupancy of 61% due to poor transportation connectivity and a lack of amenities.
WFH cast a dark shadow over business parks.
- - Read this at SGinvestors.io -
- On a nationwide basis, occupancy for business parks has languished by 8.0ppt to 79.1% over the past three years.
Offshoring IT to India.
- Companies in the financial services and technology sectors have increased outsourcing and offshoring in India.
- - Read this at SGinvestors.io -
- Standard Chartered Bank is moving 16,000 employees in Global Business Services to its new integrated campus in Chennai, India during 2023-25.
- UBS has recently increased senior leadership positions to make India a core technology hub. It has business solution centres in Pune, Hyderabad and Mumbai.
Singapore tightened criteria for employment passes.
- Read more at SGinvestors.io.
