Office rents in Singapore’s central business district rose 3.2 per cent in the first three months of 2014 from the fourth quarter of last year, helped by an improvement in global business sentiments.
Property consultants Colliers International said on Wednesday that the average monthly gross rents for Premium and Grade A office space in Singapore’s CBD increased to S$8.99 per square foot in the first quarter — the highest level since the fourth quarter of 2011.
The improvement in business sentiment was brought about by the faster-than-expected recovery in the United States and Eurozone economies, it added.
Colliers estimated the overall average occupancy rate for Premium and Grade A office space in the CBD stood at 95.9 per cent in the first quarter, an increase from 93.9 per cent in the fourth quarter of 2013.
Source : Channel NewsAsia – 19 Mar 2014