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LOWER occupancy rates and cheaper rents in office buildings around the central business district (CBD) may prompt some firms to move back into the city, property experts said. In the second quarter, office rentals declined to less than $10 per square foot (psf) per month compared with a whopping $19 psf a month a year ago. "Companies are beginning to re-look opportunities to go back to the CBD as rents...
Property consultancy firm CB Richard Ellis (CBRE) has said the fall in office rents is showing signs of easing, thanks to improved sentiment and stabilisation of Singapore's economy. According to CBRE, monthly prime office rents averaged S$8.60 per square foot in the second quarter, representing an 18.2 per cent fall quarter-on-quarter. This was slightly lower than the 18.6 per cent quarter-on-quarter...
Property consultancy DTZ said office and industrial rents here continued their downward trend in the second quarter this year. For the office market, average monthly gross rents of prime offices in Raffles Place fell by 19 per cent to S$9.70 per square foot, compared to a 25 per cent fall in the previous quarter. Office rents in the Central Business District (CBD) fringe and de-centralised areas suffered...
Singapore has moved a notch higher to 18th spot as the most expensive retail location in the world, despite easing rental rates for super prime retail space. Property consultancy firm CB Richard Ellis (CBRE) said prime retail rents have declined across the globe with the global financial crisis reducing consumer confidence and weakening spending. Yet super prime rents in Singapore stood at US$408 per...
After a near month-long tussle, some tenants at The Grangeford may stay on at the condominium after all. About 40 of them have expressed interest to do so under the new landlord, Savills although the actual number could be higher as some enter into joint-leases with others to rent whole apartment units. Residents had been given till 5pm on June 30 to vacate the premises after previous landlord Ideal...
Singapore's Prime Grade A office market has seen three straight quarters of rental contractions but Jones Lang LaSalle says that pullback is easing. The property consultancy said rentals fell 11 per cent in the second quarter, compared to 28 per cent in the first quarter. Jones Lang said landlords have been taking a defensive strategy of securing occupants for their office space at the expense of...
Consider this: Rentals are sliding while residential property sales continue to scale new heights in the current troubled times. With almost half of recent buyers being potential investors with private addresses, could these people be punting on a rental recovery? If so, they may be staring at a wait of several years for the uptick. "I don't expect any rental recovery for the rest of this year," said...
SINGAPORE’S drive to become an education hub is providing a form of support for the home leasing market. According to property and student agents, more international students in Singapore are turning to condominiums for accommodation even as the more traditional hostels and HDB flats remain in hot demand. The influx of foreign students has visibly strengthened since the Economic Development Board...
A new twist has emerged in the ongoing saga at The Grangeford. TODAY has learnt that more than 200 sub-tenants at the condominium in Leonie Hill were in danger of having their power cut off because former master tenant Ideal Accommodation did not pay the electricity bill. Utility firm SP Services had sent Ideal a letter on June 5, seeking arrears amounting to nearly S$130,000. It had to pay up by last...