BNP Paribas to Cut Space in Singapore Tower Amid High Rents

Singapore prime office rents have hit highest since 2008
Move will help curb costs for the French bank, people said

The Ocean Financial Centre in Singapore.
Photographer: Munshi Ahmed/Bloomberg

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By Yihui Xie, Low De Wei, and Elffie Chew

April 3, 2024 at 8:34 AM UTC

Updated on

April 4, 2024 at 12:51 AM UTC

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BNP Paribas SA is set to give up space in a prime office tower in Singapore amid rising commercial rent in the financial hub, according to people familiar with the matter.

The French bank, which currently occupies six floors at Ocean Financial Centre, plans to not renew some of the space in the central business district when the lease expires at the end of the year, the people said, requesting not to be named because the matter is private. The move will help curb costs, they added.