Tech industry’s best talent demand market’s flashiest offices
Hi-tech firms rented a sixth of the 4.9 million square metres of Grade-A office space leased out in Asia-Pacific last year
Tech firms are fast becoming the most willing to fork out for prime offices sites in some of Asia’s biggest city centres, according to the region’s top property agents, some in a simple effort to lure the best talent to work for them.
While some tech companies in London have already started clustering themselves around what’s now being dubbed “Silicon Roundabout”, which is close to the traditional financial district, The City – similar groupings are being formed in some of Asia’s equivalents.
David Ji, Knight Frank Greater China region’s head of research, says what were more traditionally financial districts and central business districts, are becoming tech hubs as “it appears that technology companies are becoming the [only] ones able to afford the expensive rents”.
The latest data from JLL shows tech firms rented a sixth of the 4.9 million square metres of grade A office space leased throughout in Asia-Pacific last year, with hardware designers, e-commerce, and fintech companies the biggest lessors.
To be classed grade A, office floor areas must cover at least 4,000 sq ft, have central air-conditioning, and be decorated and fitted to top standards.