Benoy’s Terence Seah on Mingtiandi Office Strategies Forum 2021: The New Economy’s Impact on Office Markets
Terence Seah, Benoy’s Head of Hong Kong, Singapore and Shenzhen, joined other industry leaders from Allianz Real Estate, Asia Green Real Estate and JLL, at the Mingtiandi Office Strategies Forum 2021 on 2nd November.
In the finale of Mingtiandi’s 2021 Office Strategies Forum, this session unpacked how APAC’s office sector is being reshaped by demand from internet, fintech and other innovative industries, and how developers and investors are reacting to this trend. The rise of Asia Pacific’s tech economy and the resulting tussle among firms to secure top talent likewise have big implications for the region’s office markets, design in projects and values for commercial assets.
Highlighting Benoy’ multiple projects with leading technology giant Alibaba across key Chinese cities, Terence emphasized the context of these developments and amenities in relation to the urban environment, and the vibrancy these new “ecosystems” contribute to the wider urban fabric. Key transport hubs are also important to attract and retain talent pool, and are therefore integrated into the overall design mix, which in turn contribute to the quality of living, working and leisure for both direct users and the surrounding locality.
Terence also observed that new-economy ecosystems tend to develop through tech-related firms’ adjacency to one another, most famously in the case of Silicon Valley. He pointed to Singapore’s Tanjong Pagar area as a prototype for the sort of live-work-play district that appeals to urban tech professionals, who skew younger.
“What I noticed is that the biggest difference between Tanjong Pagar and traditional office areas is that it has a live-in population, there is social housing nearby and there’s a really vibrant mix,” Seah said. “Many governments are introducing vibrancy in the traditional downtown because it now seems that financial sector employees are also looking for that.”
In his remarks, Seah highlighted the importance of the physical environment, noting that Tanjong Pagar boasts ample public space for activities ranging from outdoor yoga to musical performances.
Addressing what distinguishes the tech sector from other types of office occupiers, Seah said:
“From a design perspective, other than the design of physical space, (it) is the placemaking strategies injecting activities and vibrancy at the street level. It’s very interesting how when certain new industries come in, it kind of starts changing the character of the whole city in their vicinity.”
Other speakers include Danny Phuan, Head of Acquisitions APAC, Head of China, Allianz Real Estate; Tim Graham, Head of Capital Strategies, Asia Pacific for JLL and; Augustine Chin, Managing Director, Asia Green Real Estate.
Click here to watch the full discussion:
