Business parks must reinvent, reposition spaces: NUS report

Business parks remain relevant and competitive in Singapore's real estate landscape, but new work practices could hurt demand for such spaces, a survey by the National University of Singapore (NUS) has concluded.

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These market dynamics may compel some companies to become "more footloose", potentially undermining the physical locational advantages of business parks, said Professor Sing Tien Foo, provost's chair professor of real estate at the NUS Business School, in the survey report released on Aug 30.

"This signals a pressing need for business park operators to reposition and reinvent their spaces in the changing market landscape," he added.

About 70 per cent of real estate executives polled by NUS agreed that business parks were relevant in Singapore's real estate market; 62 per cent concurred that such assets would stay attractive and continue to retain businesses and investments from multinational companies (MNCs).

The poll was conducted by NUS' Department of Real Estate and Institute of Real Estate and Urban Studies.