According to a new Colliers International report, Singapore's Shenton Way and Tanjong Pagar are ranked first for technology, media and telecom (TMT) talent clusters, while City Hall and Raffles Place/New Downtown area are also recommended.
The report, called Tech Jewels: Identifying the most attractive submarkets in Asian cities for TMT occupiers, broke down the best sub-market locations across cities in Asia, based on existing tech clusters, availability of quality stock, accessibility and rent.
These are summarised below (in alphabetical order):
Bangalore: The Outer Ring Road and CBD are the preferred submarkets. However, Whitefield and North Bengaluru show great promise due to the availability of quality office supply at competitive rents and improving infrastructure.
Beijing: Zhongguancun still reigns as Beijing’s tech hub, but AGV & Olympic Park and Wangjing offer quality buildings and are growing tech clusters enjoying the same supportive policies and high accessibility.
Hong Kong: Causeway Bay, Quarry Bay and Cyberport are all located on Hong Kong Island which is optimal for attracting talent and enjoy premium office space. Causeway Bay looks best for big tenants due to high space and accessibility, with Quarry Bay next, while Cyberport offers lower rents.
Shanghai: The top preference is the Caohejing business park area. However, the Zhangjiang business park area and the Yangpu decentralised business district are also favoured. All are tech clusters with ample availability of office space at reasonable rents and with easy access.
Shenzhen: Hi-Tech Park Middle Zone is recommended, followed by Hi-Tech Park South Zone which are both well-established tech clusters that offer great accessibility. Houhai is another high potential area with more quality office stock and excellent accessibility.
Singapore: Shenton Way/Tanjong Pagar district are currently #1 in Singapore for TMT tenants and flexible workspace operators with excellent accessibility. City Hall and Raffles Place/New Downtown area are also good locations with ample supply of quality office stock.
Tokyo: The city’s tech occupiers tend to congregate in the Shibuya/Ebisu district, which offers great access, albeit at high rent. Roppongi offers premium office facilities, quality residential areas, and high street F&B, though also at high rent. Hamamatsu-cho/Tamachi is a good-value alternative location.
Andrew Haskins, Executive Director of Research, Asia, at Colliers noted the research uses four metrics – existence of a tech cluster, availability of office stock, accessibility and cost of rent – to identify the top city submarkets for TMT groups.
He added: "For large enterprises, these submarkets are typically CBD or CBD fringe locations, while smaller tenants often prefer business parks."
Lead photo / 123RF Graphics / Colliers International