Google To Give Up Part Of Leased Space At Alexandra Technopark
SINGAPORE – Alexandra Technopark’s owner Frasers Logistics & Commercial Trust (FLCT) revealed that Google will relinquish “a portion” of its leased workspace at the business park, reported The Edge on Wednesday evening (22 February, SGT).
The office downsizing by the search giant will take effect from 20 February 2024.
While Google is a major tenant at Alexandra Technopark, FLCT revealed that the workspace to be surrendered contributes merely 1.7 percent of the real estate investment trust’s (REIT) gross rental income for December 2022.
As such, the office space reduction by the search giant will not have a major effect on Frasers Logistics & Commercial Trust’s distributable income for the financial year ended 30 September 2023.
“FLCT’s manager will continue to carry out proactive leasing initiatives and asset management strategies for ATP and will make further announcements of any material developments, as appropriate,” stated the Singapore-listed REIT.
Notably, Google has agreed to lease 344,000 sq ft of workspace at Alexandra Technopark under a 5-year lease. But it was reported in December 2022 that the search giant hadn’t moved in, and the space at the business park was left vacant.
Rather, Google’s Singapore-based staff primarily did their job at the adjacent business park, Mapletree Business City II, where the search giant is occupying about 680,000 sq ft.
Aside from that, Google is among the increasing list of tech firms across the globe that have let go of employees over the past few months after a hiring binge during the COVID-19 pandemic.