New firms lease offices in CBD as banks downsize

http://www.businesstimes.com.sg/breaking-news/singapore/new-firms-lease-offices-cbd-banks-downsize-20140812

THE e-commerce, consumer products and insurance industries are the new faces occupying offices in Singapore’s Central Business District (CBD), as banks continue to restructure, downsize their offices and cut their headcount.

This was according to an article JLL published on Monday.

Google, for instance, has expanded six times and now has its headquarters for the Asia-Pacific region spanning four floors in Asia Square. The same building in Marina Bay has also drawn a cluster of re-insurers such as Swiss Re and Scor, on top of the traditional financial companies, it said.

The mix can make for odd bedfellows. “You have this very bizarre dichotomy of Citibank bankers in their shiny shoes and guys in flip flops and shorts in the same elevator,” says Hugh Andrew, the head of asset management for the Asia Pacific at BlackRock. BlackRock owns the building via one of its funds.

About these ads

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s