How Singaporeans plan to live and work in 2023

Almost five in 10 plan to move to city centres.

Almost half of Singaporeans (49%) plan to move closer to city centres, according to a study by CBRE.

This is likely because offices in city centres are generally more satisfactory (68%) than those in emerging locations (61%), and suburbs (53%), according to employees.

Meanwhile, almost half of late millennials (age 26-33) and over a third of early millennials (age 34-41) who plan to move in the next two years want to do so due to changes in their household sizes due to family formation.

“Areas close to the city centre remain most sought after among those planning to move, especially for younger generations. Locations close to business districts can meet the demand for easy access to offices, and leisure activity locations,” said Dr Henry Chin, Global Head of Investor Thought Leadership & Head of Research, Asia Pacific for CBRE.

Whilst slightly over 70% of employees place more importance on location when reporting physically to work, the most important feature that can entice Singaporeans to visit the office more frequently is “environmental features.”

“This also aligns with corporates’ desire to occupy ESG-friendly buildings. Additionally, Singapore respondents display the most interest in free food and beverages, but are less enthusiastic about social and entertainment events,” CBRE said.

“Health and wellness offerings, such as relaxation opportunities, are also important in getting people back in the office,” CBRE added.