Singapore’s commercial rents soar to close gap with Hong Kong as Alibaba, ByteDance, Tencent open offices in Southeast Asia’s hub

Singapore’s office property market is gradually catching up with that of Hong Kong, the Lion City’s rival business hub, in terms of rents and prices, with Chinese technology giants such as Alibaba Group Holding, Tencent Holdings and ByteDance expanding in the city state.

The gap peaked in 2017, when Hong Kong office rents equalled 173 per cent of the rents charged in Singapore, according to Cushman & Wakefield. Last year, the distance between the rents charged in both cities stood at 108 per cent, still in favour of Singapore.

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