Hong Kong holds edge over Singapore as top business hub thanks to availability of talent and ample supply of office space: research
- CBRE report gives the overall edge to Hong Kong thanks to factors such as its financial prowess and talent pool
- Singapore maintains an advantage in technology, as well as ESG initiatives and green building
A study rating perennial rivals Hong Kong and Singapore as business hubs gives the overall edge to Hong Kong thanks to factors such as its financial prowess and talent pool, while pointing out Singapore’s advantage in technology and detailing shifts in the two cities’ office rental markets.
The study, released by property consultancy CBRE on Tuesday, rated Hong Kong and Singapore across seven broad categories. Hong Kong came out on top in three: the scale of its financial industry, its availability of talent and its ample supply of office space.
Singapore took the honours in two areas: the scale of its technology industry and its efforts in ESG (environmental, social and governance) initiatives and green building. Two categories – influence in Asia-Pacific and office rents and prices – proved too close to call.
“Hong Kong SAR and Singapore are both firmly established as popular locations for multinational corporates to locate their Asia-Pacific headquarters,” the study said.
As a business hub, the study pronounced Singapore’s economy more diversified than Hong Kong’s, as the service sector in Hong Kong, including financial, insurance and trading, accounts for more than 90 per cent of the city’s economic output.
