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There's a lot of shadow space in existing buildings already," he said.
He also pointed to specific deals, such as Julius Baer's decision in the third quarter of last year to move from Asia Square to Marina One. There's a big question mark how the space will all be filled," Coenraads said, adding that rents were falling.
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That's a pattern that appeared to show in the recent results of Singapore-listed Keppel Real Estate Investment Trust, which owns partial interests in several office towers in the city-state.
The fiercely competitive software giant is positioning its wares for cloud computing with software and services.