THIS WEEK’S TOPIC: Given current work trends and the shift towards decentralised offices, how might we ensure the vibrancy and future of the Central Business District?
The key decision that policymakers have to make is around the projected volume of footfall in the CBD. Granted, this is no easy task, but it has repercussions on the broader planning landscape. This is because the CBD itself has morphed into an ecosystem that supports the wider needs of the people who work there.
Besides F&B outlets, other businesses like supermarkets, dry cleaners, pharmacies and hundreds of other small businesses exist because of the people who work in the CBD. If footfall ceases, it will only be a matter of time before all these businesses go belly up as well. Hence, the question of ”ensuring vibrancy and future of the CBD” is one that needs to start from the projection point of footfall numbers.
Depending on this forecast, other measures can then follow. Examples include government tax breaks for businesses that need to be based in the CBD, flexible leasing options for tenants, and finally re-zoning land parcels for residential purposes.
Mario Singh
Chief Executive Office
Fullerton Markets
