JPMorgan’s New Singapore Home Still Trying to Find Tenants
- CapitaSpring development only has 38% committed leases so far
- Office rents may dip amid work from home, Knight Frank says
This article is for subscribers only.
Three years ago, it was touted as a development that would rejuvenate Singapore’s central business district. But an upcoming building in the city-state could have fallen victim to the pandemic, which has upended the office market as work from home remains a long-term arrangement for some companies.
CapitaSpring, a 51-floor integrated development with JPMorgan Chase & Co. as an anchor tenant, has only managed to secure about 38% out of 647,000 square feet (62,600 square meters) of net lettable area. That’s low considering it’s 75% completed. Typically at that stage in pre-pandemic times, buildings would have leased out more than half of their space, three analysts said.