Singapore has held on to its position as the third most expensive office location in the Asia-Pacific region for the second quarter of this year, according to Colliers International's latest Asia Pacific Office Market Overview. Singapore commanded annual gross rents of about US$58 ($77) per square foot (psf) in the second quarter, while Tokyo and Hong Kong took top and second spot with rents of around...
Rental
NET office demand surged in the second quarter of this year to its highest quarterly level since Q3 2007. Urban Redevelopment Authority figures released yesterday showed a net increase in demand of 398,264 square feet in Q2, up about 68 per cent from the previous quarter. The Singapore office market has not seen such strong quarterly take-up since Q3 2007, when net demand of 646,000 sq ft was...
Rates have followed the dizzying rise in private property prices but 'will stabilise or even correct' Rental rates for residential units have tracked the dizzying rise in private property prices, with rents for condominiums posting a significant increase of 5.8 per cent over the first five months of this year. Based on data from the Urban Redevelopment Authority (URA), median rentals of non-landed...
Rents at suburban malls in Singapore are fast catching up with those for prime Orchard Road retail space as neighbourhood malls draw increasing shopper numbers and more interest from tenants. The difference between prime Orchard Road rents and suburban rents narrowed to just 9 per cent in Q2 2010 - from as much as 24 per cent at the start of 2009 and 21 per cent in Q1 2005 - according to CB Richard Ellis...
Rents for industrial space rose for the first time after falling from its peak in the third quarter of 2008. According to DTZ Research, average monthly rents of first-storey private industrial space rose 2.6 per cent quarter-on-quarter to S$2 per square foot, while upper-storey space rose 3.2 per cent quarter-on-quarter to S$1.60 per square foot per month. Rents for hi-tech industrial properties,...
Rental values for retail space across Singapore ended on a mixed note in the second quarter of this year. That's according to estimates by property consultancy DTZ Research. The report found that retail rents at Orchard and Scotts Road stood unchanged for the second consecutive quarter, as the performance of retailers was mixed in light of new supply that came on-stream since last year. Gross rents of...
Rental growth for transitional offices located in the city's fringe is expected to slow in the months to come but such offices can maintain their yields, if they are located in areas around Scotts Road and Mohammed Sultan. Office rents in the Central Business District have slipped some 60 per cent from their peak in 2008 and that has prompted some companies to move back into the city. Analysts said the...
Singapore prime Orchard Road shopping belt has been ranked the 27th most expensive retail street in the world by property consultant Colliers International. The city moved up one notch from the 28th spot last year in the Colliers annual global ranking of rents for prime retail space. Colliers said prime retail space along Orchard Road is US$330.19 per square foot per year on average. This was up about 2...
POTENTIAL landlords, here's a tip: Turn the apartment you are planning to rent out into a "green" home. The reason? More Singaporean renters are clamouring for lower energy costs and an eco-friendly lifestyle. Despite the higher cost of energy-efficient appliances, landlords are moving towards investing in energy-saving air-conditioning units, for example, as a green apartment can command rents which are...
Rentals for international Grade A office space in Singapore's financial district may climb at least 25 per cent in the next two years. Analysts said Grade A office rents have already hit bottom, and will likely pick up from the second half of this year. Singapore's Marina Bay Financial Centre is one of prime areas in the city offering a new generation of office buildings. They are less than 10 years old...