Singapore’s real estate leasing market is red hot, the result of activity not only returning to but exceeding pre-pandemic levels. Whether it’s the residential, office or retail segment, a confluence of factors is fuelling a boom. And because there’s a severe shortage of staff, opportunities abound for workers with the right qualifications and experience, while companies looking to hire face numerous challenges in their staffing.
Read on to find out more about Singapore’s real estate leasing environment, and advice on how to navigate these market conditions.
Heating up
Zooming out, the entire real estate sector as a whole is experiencing a period of rapid growth across Asia.
Residential
Real estate stalwarts Knight Frank and JLL expect private residential prices to rise up to 4% this year, on top of a 10.6% increase in 2021, as reported in CNBC. Limited supply, low interest rates, and high demand underpin a rosy outlook.
Office
Rising rent is also a trend that is apparent in the commercial leasing segment. Grade A office rents in the Central Business District (CBD) core market grew at a three-quarter high in the first quarter of this year. JLL Singapore reports that office rents climbed 2.3% per month in the first quarter of 2022 alone.
The post-pandemic return to work and companies’ desire to provide a healthy and sustainable environment for employees is driving demand for newer, high-quality developments in CBD and further boosting Singapore’s real estate leasing.
Retail
The retail leasing market turned a corner at the end of 2021 and is set for faster growth through this year as occupiers reopen after COVID-19 restrictions were eased.
Candidates
There is huge demand for professionals in Singapore’s real estate leasing, with a wide range of mid- to senior roles out there. For job-seekers this presents lots of opportunities to climb the career ladder, and transition into roles in new areas.
Firms hiring commercial leasing personnel have grown much more comfortable considering candidates with residential or industrial leasing experience. This development is better enabling workers to gain valuable experience across the real estate spectrum and accelerate their progression in the industry.
The demand for candidates with a Singaporean passport or permanent resident visa is climbing rapidly. This is partly because the government tightened its policies on foreign workers in the 2022 budget, including raising the minimum salary qualification for certain work permits in the construction sector.
In practical terms, the current trends in Singapore’s real estate leasing have prompted companies to shorten and streamline the hiring process, with more candidates securing a role after one interview instead of the usual two or more rounds of interviews just a couple of years ago.
Employers
Singapore’s real estate leasing companies are finding it, especially challenging to fill positions these days. While there’s little they can do to alter the sector’s economic fundamentals, there are options available that will optimise their chances of achieving their staffing objectives.
Retain talent
Many companies have revisited how they retain talent as this is one of the most effective ways of ensuring adequate staffing levels and growing talent to meet future business needs. The old maxim that it costs far less to retain an employee than to hire fresh talent is today more salient than ever in a hot Singapore’s real estate leasing market. Reviewing policies and programmes that holistically develop and motivate talent is crucial as competition for workers heats up.
Shorten the hiring process
With competition increasing, candidates are being snapped up sooner in the job-seeking process. Companies that stick to multiple rounds of interviews will find that quality candidates will withdraw from the process if they get a job offer quicker. If you do not want to waste business resources on fruitless interviews, make sure you shorten the recruitment experience in the company. If you see a suitable candidate that ticks most of your boxes, send that job offer out straight away!
Simplify onboarding processes
As well as shortening the hiring process, companies working in Singapore’s real estate leasing market should look at the onboarding process with a view to making it more efficient and streamlined. This sets the new employees off to the best start. For companies that haven’t digitalised the process, this is the first step to take. The implementation of digital tools can improve training, internal communication, and feedback provision. It also enables companies to remotely onboard their new hires if needed.
Engage with specialist recruiters
Engaging with specialist recruiters can dramatically improve hiring outcomes as they work at the cutting-edge of unfolding developments and are therefore well-placed to find suitable candidates in a shrinking talent pool.
Though hiring challenges are highly likely to continue through the year for Singapore’s real estate leasing businesses, there is quite a bit companies can do to ensure they stay one step ahead in their recruitment.
For a no-obligation chat about recruiting the best candidates or finding roles in Singapore’s real estate leasing market, get in touch with one of our team – they will be happy to help!
