Recent global events such as the Brexit referendum, the United States’ presidential election and China’s slow economic growth have impacted many markets and economic conditions. A reserved approach to office expansions and industrial space commitment echoes the business sentiments for investments in the real estate industry. Moreover, there is a supply overhang in commercial properties that has led to weaker performance in price and rentals.
As such, property developers are not looking to develop new estates. Instead, selling or leasing existing units are higher in demand. Consequently, this indicates a greater demand for experienced residential & commercial leasing managers with strong business acumen, as well as asset & portfolio managers. Additionally, the Singapore Government has committed to the development of the Industry Transformation Map (ITM). This aligns with the Real Estate Industry’s jobs and growth strategy, which will be released within the year 2017.