Fast-growing Asia and Latin America are expected to see commercial property rents and values rise in the first quarter of the year, while the hard-hit United States market is showing signs of recovery, according to a survey by The Royal Institute of Chartered Surveyors (RICS). RICS, which polled 410 of its members worldwide, said rental expectations in major markets such as Hong Kong, China, Singapore and...
Rental
Office rents rose at a faster pace in the fourth quarter, but may slowdown next year until recovery in the US and Europe gather momentum, real estate consultant DTZ Research said. It said average prime gross rents in Raffles Place rose 7.1 per cent on quarter to S$9 per square foot per month, from a 6.3-per cent rise in the previous quarter. For the whole of 2010, average prime gross rents in Raffles...
Rentals in the Singapore office market have continued its upswing, growing strongly in the final quarter of the year, according to property consultancy Jones Lang LaSalle (JLL). Based on its preliminary estimates, average Central Business District (CBD) Prime Grade A gross effective rent in the fourth quarter increased 7.5 per cent on-quarter to S$9.35 per square foot per month. This translates to a 19.9...
Rents along Orchard and Scotts Road edged higher in the fourth quarter after staying flat for four straight quarters. According to real estate consultancy DTZ, the average gross rent of first-storey space in the Orchard/Scotts Road area increased by a marginal 0.3 per cent or 10 cents on-quarter to S$39.80 per square feet per month. DTZ said there will be very little new supply coming on-stream in 2011...
Demand for Grade A office space in Singapore will grow next year, pushing rents up by between 15 and 20 percent. Some analysts believe the office segment might do better than the residential property sector next year. Rising employment and the growing financial and services sectors are some of the factors prompting companies to continue expanding their operations next year. Donald Han, Vice Chairman,...
Singapore's commercial property sector will likely see a 15-20 per cent increase in rental values next year, after a 22 per cent growth this year, according to CBRE. This will be driven by strong occupier demand for office space in Singapore despite plenty of supply coming on stream. CBRE points to the Marina Bay Financial Centre (MBFC) as one example of strong demand. The first phase of MBFC was fully...
Police have arrested a 41-year-old man and his 43-year-old female accomplice who are believed to be involved in at least two cases of rental scams. Their victims were cheated of advance rental payments and deposits amounting to about S$2,600. Police said their investigations revealed that since early November, the male suspect had advertised his flat for rent on the Internet and newspaper. Unsuspecting...
Rentals for primary, secondary and suburban shopping areas in Singapore are expected to remain stable with some marginal upside over the next 12 months, according to the latest report from Jones Lang LaSalle. It said vacancies of retail space are likely to stabilise as the market finds its equilibrium one year on, from the large addition of supply along Orchard Road. The property consultant noted that...
Among business centres in Asia Pacific, Singapore and Beijing saw landlords enjoying the strongest growth in rentals in the third quarter of 2010. According to a Jones Lang LaSalle survey, both cities' Grade A rentals recorded a quarterly net effective rental growth of 10.9 per cent. Overall, the Asia Pacific Office Rental Index showed an increase of 1.8 per cent in the third quarter. In terms of...
Office rents in Singapore posted their biggest jump in the third quarter since the end of 2007, led by increasing demand from financial institutions, insurance firms and professional business-services companies. According to property consultancy CB Richard Ellis, prime rents in Singapore climbed 7.2 per cent from the previous three-month period, to $7.40 per sq ft per month. Major leasing deals in...