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Singapore could soon experience wave of decentralisation | 1 April 2014

Singapore could soon experience wave of decentralisation | 1 April 2014

Singapore could soon be experiencing a wave of ‘decentralisation’, if a new forecast from Jones Lang LaSalle (JLL) proves accurate.

According to the property giant, much of Asia is on the cusp of rapid CBD decentralisation between now and 2020. This means that new micro-cities could soon pop up outside of the traditional capitals and business hubs.

Among the most likely candidates for this were named as Hong Kong, Tokyo, Mumbai, Shanghai and Singapore, notes.

JLL said that new business parks and peripheral centres were likely to begin popping up in the coming years. Then, enticed by the new facilities and cheaper rents, businesses will start to follow suit and move out of the larger cities. It even went so far as to suggest that a rapid explosion of decentralisation could completely change Asia’s urban maps over the next six years.

Commenting on the forecast, JLL head of markets for the Asia Pacific region, Jeremy Sheldon told “The world has changed dramatically since the GFC (global financial crisis).

“The new paradigm, especially in the financial industry, is the need for efficiency in everything to compensate for the cost of new regulation. Basel III capital requirements add to costs further. So when banks start looking down their cost profiles, real estate is the first thing, after human capital and IT, with which they can really do new things.”

The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author.

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Posted by Matt Roobol

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