Singaporean office design firm Space Matrix banks on workplace technology to expand in China
- Over the next two years, the supply of office space in China’s tier 1 cities is expected to be high and is likely to be accompanied by low vacancy rates
Singaporean workplace design firm Space Matrix has its sights set on expanding in China, where it expects to see a healthy supply of office space in major cities and opportunities in the Greater Bay Area.
In September last year, Space Matrix acquired Muraya, a China-based design and construction company. Muraya has since been rebranded as Space Matrix China.
“[This acquisition] was a way to get into the Chinese market aggressively. From here on, we hope to increase our presence in Shanghai and then into other markets within China,” said CEO Arsh Chaudhry. Since the acquisition, the company has delivered several office projects in China to clients including Airbnb, Tower Research, and Ascendas-Singbridge.
Worsening US-China trade war hits Hong Kong’s office rental market
Over the next two years, the supply of office space in China’s tier 1 cities is expected to be high and is likely to be accompanied by low vacancy rates. While the US-China trade war is causing some global companies to adopt a cautious approach in their real estate strategy in China, local Chinese firms have continued to grow aggressively in their home market, says Chaudhry.
In addition to Shanghai, the company is eyeing other cities in the bay area including Shenzhen and Guangzhou, where many technology start-ups are setting up.