The stream of anchor tenants filling up Paya Lebar Quarter’s three office towers “bodes well” for cost-effective city fringe districts, and the development’s pre-leased rate is about 50%. Major deals included co-working operator Spaces (IWG), as well as Great Eastern, NTUC Income, and SMRT Corporation. A strong rental upturn should accentuate the attractiveness of decentralised micro-markets, “prompting occupiers to consider city-fringe Grade A developments that can bridge the gap between cost and value,” says JM Tan, senior analyst at Colliers.