Chart of the Day: Tech firms beat finance companies in filling office spaces in 9M 2019

The tech sector’s growth was partly attributed to Singapore’s strong IP rights protection.

This chart from JLL shows that technology firms have surpassed financial services firms as the second biggest driver of office demand, with a share in office take-up expanding by nearly 50% to 28% in the first nine months of 2019.

According to JLL, the growth by tech firms in Singapore can be attributed to an availability of talent, strong intellectual property rights protection and a thriving innovation ecosystem.

Professional services firms still dominate the office demand, making up over two-fifths or 43% of office take-up for the first nine months of 2019, growing from 39% in 2018. Meanwhile, the share of financial services in office demand declined from 17% in 2018 to 15% in 9M 2019.