Office rents in Singapore posted their biggest jump since the end of 2007 in the third quarter, led by increasing demand from financial institutions, insurance firms and professional business services companies. According to property consultants CB Richard Ellis (CBRE), prime rents in Singapore climbed 7.2 per cent from the previous three-month period, to S$7.40 per square foot per month. Major leasing...
Rental
Singapore was the third-most expensive office location in the Asia-Pacific region in the third quarter of this year. According to property consultant Colliers International, it is the fifth straight quarter that Singapore has held that rank, with an annual gross rent of US$67 per square foot. That is a 15.6 per cent increase from the previous quarter. Topping the list is Tokyo, which remained in first...
Rents for non-landed properties such as condominiums are rising at a slower pace. Latest data from the Urban Redevelopment Authority (URA) showed such rentals rose just 3.6 per cent in the third quarter, compared to 6 per cent in the preceding quarter and 4.8 per cent in the first quarter. Property analysts said the downward trend indicates that the market has reached a sustainable level and the growth is...
Prime warehouse rents in Singapore are the seventh-most expensive in the world, according to a study by property consultants Colliers International. It said Singapore rents were US$13.38 per square foot per year in the first half of 2010. Singapore's current rank is a jump from the 9th spot it took in the second half of last year. In the first half of 2009, Singapore's prime warehouse rents were low enough...
Historically, the Singapore office market has not been a very volatile one when compared to other major markets such as Hong Kong. However, in recent years the market here has become much more volatile than usual, as can be seen during the last cycle. Rents grew very rapidly from around $5 per square foot per month (psf pm) in 2003 and 2004 to a peak of $18.40 psf pm in Q3 '08. Rents then fell very...
The average rents and capital values for factories and warehouses in Singapore continued to increase in the third quarter, but the average rent for hi-tech buildings stayed unchanged, according to property consultancy CB Richard Ellis (CBRE). It also noted a healthy level of activity in the investment market for industrial properties with major investment transactions totalling S$835.7 million in the...
Singapore is the 15th most expensive office location globally, in terms of occupancy cost, according to property consultant Colliers International. Its Global Office Real Estate Review for the first half of 2010 showed Singapore surged nine spots from six months ago. The report found Grade A Central Business District (CBD) office space here has an occupancy cost of US$58.08 per square foot per year as of...
Property consultant DTZ said the average prime rental rates along Orchard Road and Scotts Road remained unchanged in the third quarter. For the third straight quarter, gross rents of prime first-storey space in the Orchard Road and Scotts Road area stayed at S$39.70 per square foot per month. Rents in other city areas fared worse as they continued to decline. Prime first-storey rents in other city areas...
Police have arrested a 43-year-old man who is believed to be involved in several cases of rental scams involving camera and event equipment. The man, named "K Saravanan" in reports filed by the complainants, failed to return cameras and event equipment he had rented after paying a small deposit. The suspect was arrested in York Hill on Monday afternoon. Preliminary investigations revealed that he is...
The ongoing economic recovery will likely drive Grade A office rentals to rise by more than 25 per cent in two years. This is according to the latest property report by Swiss-based investment bank Credit Suisse. The bank said that it expects rent to hit $12 per square foot (psf) for super prime office space, such as the Marina Bay Financial Centre, by 2012. Meanwhile, rentals for Grade A office space and...