INFORMATION COMMUNICATION TECHNOLOGY AND NEW WORKING PRACTICES IMPLICATIONS ON SINGAPORE OFFICE MARKET

Abstract

The growing proliferation of Information and Communication Technology (ICT) and the introduction of New Working Practices (NWP) are altering business operations, causing organizational changes and may bring about an impact in the office property landscape. This study will examine the penetration of NWP in Singapore, and will look into the implication of ICT and NWP on office decisions and requirements. 800 top companies and 95 developers are surveyed to reveal the level of adoption of NWP, as well as, the effect of ICT and NWP on their office occupational portfolio. The aim of the survey is also to match office occupiers' property and location priorities against that of the developers. ICT and NWP implications on key offices issues including office layout, lease length, relocation and office space are being examined. The study will cover ICT and NWP implications on office issues in the past three years and will attempt to forecast its impact for the next three years. Results of the study show that ICT and NWP have only a marginal effect on office decisions and requirements. They are also been observed to have weak links with regard to office occupiers' property strategy. The study also revealed that the use of NWP is as yet limited, but will be picking up in the next three years. Differences in priorities between office occupiers and developers towards different property and location attributes are also being identified. These include flexibility to modify premises, lease conditions and image of office location.