Debated in Parliament on 1 Feb 2021.
Mr Sharael Taha asked the Minister for Trade and Industry (a) whether there is an impact on demand for commercial office spaces given that work-from-home remains the norm and offices are downsizing; and (b) if so, whether the Ministry is exploring any measures to soften the impact on the market.
The COVID-19 situation is still evolving and the long-term impact of work-from-home on office demand remains to be seen. Occupied office space had increased in 4Q2020 compared with the previous quarter. The vacancy rate of office space in 4Q2020 also decreased slightly compared with 3Q2020, and was comparable with the vacancy rates in previous years.
The Government will continue to monitor the market, and calibrate the supply of commercial properties if needed.
PAPERCUTS