Why office tenants are attracted to Buona Vista

Rents for spaces hit $7psf.

According to Knight Frank, attractiveness of Buona Vista as the next key office location is growing with the impending completion of the Metropolis.

Demand for office spaces in the twin towers of the Metropolis has been strong, achieving almost near 100 per cent pre-commitment level.

Here's more from Knight Frank:

Office rents for the remaining spaces are seen to be hitting $7 per sq ft, comparable to the average rents in Mapletree Business City. 

Lease signings by major companies at the initial stages have drawn other firms to look into setting up their offices at the Metropolis. Neptune Orient Lines is moving their entire office operations into Metropolis Tower 1, which led to shipping companies following suit.

Multi-national corporations such as Shell and Procter & Gamble, and Singapore Exchange, are also magnets of various related companies to the 1 million sq ft office development.

With Tower 1 undergoing fitting out works and Tower 2 slated for completion by end-2013, the influx of a wider business community from shipping, oil and gas, fast moving consumer goods and financial-related trades with the opening of the Metropolis would provide a strong boost for Buona Vista’s appeal as the up-and-coming business focal point in the Western Region.