Tech companies drive change in the use of Asian office space
A report released by Colliers International reveals how changing requirements for real estate among regional tech companies is altering the demand dynamic for office space across the Asia Pacific region.
According to Sam Harvey-Jones, Managing Director of Occupier Services in Asia: “Finance and insurance companies have traditionally been the major tenants of CBD offices in Asia, but that is now changing as more and more tech firms – many of them younger companies or startups – take up CBD space.”
This influx of technology tenants is bringing real change to office stock in areas that have traditionally been dominated by tenants with more conservative outlooks. “Tech companies are looking to recruit talented younger staff who have very different mind sets. Millennials prefer working environments that are fun, creative and unstructured – and the market is changing to give them what they want,” he says.
In addition, because the tech–sector tenants are usually growing much faster than those from mature industries, landlords are moving to provide more flexible workspaces and leasing arrangements that can accommodate hard-to-predict changes in employee headcount.
Colliers recent thought piece Dealing with Explosive Growth – How Asia Pacific technology occupiers use real estate to harness opportunity examines key issues relating to this trend; namely younger/older tech companies prefer different office locations, tech companies are driving workplace changes and green workspaces.
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