CITI GROUP is considering scaling back its office space in Singapore as remote working becomes more prevalent in the city-state.
Citi bank
Citi bank may relinquish one of the six floors it occupies at Asia Square Tower 1, a retail and office building in the Marina Bay district, according to sources familiar with the situation. This decision is still under review as part of broader discussions about office space, one source noted.
“A Citigroup Singapore spokesperson stated, “The way of working has changed in recent years, and most of our staff are on a hybrid-work model. We periodically look at new ways to optimize our workspaces to encourage innovation and collaboration and meet our operational needs.”
The New York-based bank is a major tenant in the tower and once leased nine floors before moving some staff to a business park near Changi Airport on the east end of the island. The latest move is part of a broader restructuring effort for the firm, which includes plans to cut 20,000 jobs. In March, the company announced it had completed the “major actions” of its reorganization plan.
Singapore recently mandated that, starting in December, all employers must have a process for employees to request flexible work arrangements, including four-day workweeks and more work-from-home days. Employees will also be able to request other arrangements, such as flexible locations.
Singapore’s commercial real estate market has resisted a global property downturn, with office rents hitting a 15-year high in the first quarter and vacancies for prime office space dropping to a post-pandemic low of 5.3 percent. This boom contrasts with Hong Kong, where vacancy rates have reached record highs.
