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New firms lease offices in CBD as banks downsize


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.